Market all-time High: Sensex Hits 50,000 for First Time, Nifty above 14,700

Market all-time High Sensex Hits 50,000 for First Time, Nifty above 14,700

The S&P BSE Sensex moved above the 50,000 mark for the first time on Thursday, steered by profits in Reliance Industries after the market regulator SEBI authorized Reliance Industries’ Rs 24,713-crore deal to purchase Future Group’s retail assets, in whack to Amazon’s endeavors to shut off the agreement.

The BSE moreover gave its “no adverse observation” report after the deal approval from SEBI. The Sensex rose as much as 335 points to hit an all-time high of 50,126.73, and the Nifty 50 index also moved the 14,700 mark for the first time.

Meanwhile, other Asian markets moreover rose to new record highs on Thursday, trailing US markets as investors yearned for more economic impetus from recently inaugurated US President Joe Biden to compensate for the harm caused by the Covid pandemic.

US President Joe Biden, who was vowed into office on Wednesday, last week laid out a $1.9 trillion stimulus package program to strengthen the economy and fasten vaccines’ allotment.

Purchasing was apparent across sectors as all sector gauges, latching the index of metal stocks, were marketing higher, steered by the Nifty Auto index’s 1 percent gain.

Nifty Bank, IT, Media, Pharma, and Private Bank records also rose over 0.5 percent.

Mid- and small-cap stakes were in-line with their vaster counterparts as Nifty Midcap 100, and Nifty Smallcap 100 indices rose 0.7 percent.

Bajaj Finance was the leading Nifty gainer; the stock rose 3 percent to Rs 5,143 after the lender recorded a 29 percent year-on-year (y-o-y) drop in compact net profit at Rs 1,145.98 crore for the three months to December due to elevated losses and conditions.

Tata Motors, UPL, Bajaj Finserv, IndusInd Bank, Reliance Industries, HCL Technologies, Eicher Motors, Hero MotoCorp, Shree Cement, Dr. Reddy’s Labs, and Wipro also rose between 1-3.5 percent.

On the flip side, Adani Ports, TCS, HDFC, Tata Steel, GAIL India, JSW Steel, Bharat Petroleum, and HDFC Bank were among the substantial losers.

The across-the-board market extent was optimistic as 1,484 shares were progressing while 614 were collapsing on the BSE.

Written by Ritik Gupta

His name is Ritik Gupta; currently pursuing law. He has always kept pride as his everything. He deems writing as not like any other hobby but a reflection of one’s intellectuality. He likes to research on the parasitic problems and then lay them down in such a means that can be of assistance to the society. He just not studies law but treats it a controversial weapon to defeat the wrong.

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