Stocks

Sensex surges 690 points, Nifty crosses 14,300; IT, Auto lead rally

Our Bureau. Mumbai | Updated on January 08, 2021

As many as 504 stocks hit the upper circuit on the BSE, 481 stocks hit their 52-week high. 

There was no slowdown in bulls charge, as the benchmarks ended at record closing highs on Friday, buoyed by IT and auto counters. 

The BSE Sensex closed at 48,782.51, up 689.19 or 1.43 per cent, while the NSE Nifty 50 closed at 14,347.25, up 209.90 or 1.48 per cent. 

"The rally led by IT and auto stocks guided the domestic market to discover new highs which were due to improved quarterly outlook," said Vinod Nair, Head of Research at Geojit Financial Services. 

During the day, the BSE Sensex hit an all-time high of 48,854.34 and the Nifty at 14,367.30. As many as 504 stocks hit the upper circuit on the BSE, 481 stocks hit their 52-week high. 

The market had witnessed a firm opening on Friday with strong global cues. Sensex opened at 48,464.91 against previous day's close of 48,093.32. At the same time, Nifty opened at 14,258.40 against last day's close of 14,137.35.

Sectoral gainers

Most sectoral indices recorded healthy gains through the day, led by IT and Auto. S&P BSE IT index closed at 25,835.98, up 886.67 or 3.55 per cent. S&P BSE Auto gained 716.85 or 3.37 per cent to reach 21,997.89. While Nifty IT and Nifty Auto were up by 3.61 per cent and 3.30 per cent, respectively. 

"Support from strong global indices also helped in raising domestic market sentiments. The official certification of Biden's presidency by the US Congress and easing of the political unrest as Trump promised a smooth transition of power, have created an upbeat movement in the western market," Nair added.

"An array of high-quality Midcaps across sectors registered smart gains as mood remained buoyant through the day," S Ranganathan, Head of Research at LKP Securities said.

The focus of the market will now shift to third-quarter earnings.

Maruti, Tech Mahindra, Wipro, UPL and Infosys were among the top gainers on the Nifty while Hindalco, IndusInd Bank, Tata Steel, Bharti Airtel and GAIL were the top laggards.

Published on January 08, 2021

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor

You May Also Like