Sensex rallies 308 points to end at fresh record; IT stocks shine

Equity benchmark Sensex rallied 308 points to end at a fresh record on Monday, tracking gains in index majors TCS, Infosys and HUL as investors cheered Covid-19 vaccine approvals.

Extending its rally to the ninth straight session, the 30-share BSE index ended 307.82 points or 0.64 per cent higher at 48,176.80. It touched a record intra-day peak of 48,220.47.

Similarly, the broader NSE Nifty jumped 114.40 points or 0.82 per cent to a lifetime high of 14,132.90. It scaled an all-time intra-day high of 14,147.95.

ONGC was the top gainer in the Sensex pack, rising around 4 per cent, followed by TCS, HCL Tech, Tech Mahindra, Infosys, M&M, HUL and L&T.

On the other hand, Kotak Bank, Bajaj Finance, Asian Paints, Titan and PowerGrid were among the laggards.

Experts said final approval for two COVID-19 vaccine and likely commencement of inoculation process soon are positives for the markets and economy.

India's drugs regulator on Sunday approved Oxford-AstraZeneca's Covid-19 vaccine Covishield and indigenously-developed Covaxin of Bharat Biotech for restricted emergency use in the country.

“Indian markets opened on a positive note following upbeat Asian market peers... During the afternoon session markets slipped as some selling was witnessed in key frontline banking stocks,” said Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi.

However, markets regained and further strengthened as the Nikkei India Manufacturing Purchasing Managers’ Index (PMI), released during the day, rose to 56.4 in December as against 56.3 in November.

Also, cues from western markets helped in boosting the sentiments near closing session, he added.

Elsewhere in Asia, bourses in Shanghai, Seoul and Hong Kong ended on a positive note, while and Tokyo was in the red.

Stock exchanges in Europe opened with significant gains.