Sensex crosses 50,000 mark in pre-opening session

New Delhi: Indian stock market benchmark Sensex today scaled new highs, hitting 50,000 for the first time. Nifty also rose to a new high and was also firm over 14,700.

The bull run on D-Street was largely on the back of favourable global cues as investors hoped for more economic stimulus from new US President Joe Biden.At 10:15 am, the BSE S&P Sensex was up by 255 points or 0.51 per cent at 50,047 while the Nifty 50 surged by 75 points or 0.51 per cent to 14,720.

Except for Nifty metal and realty, all sectoral indices at the National Stock Exchange were in the positive zone with Nifty auto advancing by 1.1 per cent, private bank by 0.6 per cent and FMCG by 0.5 per cent.

Among stocks, Reliance Industries gained by 2.2 per cent to Rs 2,100.35 per share after the market regulator Securities and Exchange Board of India (SEBI) gave a go-ahead to Future Group’s scheme of arrangement and sale of assets to the Mukesh Ambani-led conglomerate.

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Kishore Biyani-led Future Enterprises and Future Retail were up by 4.9 per cent to Rs 12.01 and Rs 81.35 per share respectively.

Bajaj Finserv gained by 3.7 per cent, Bajaj Finance by 3 per cent, Bajaj Auto by 1.4 per cent, Tata Motors by 3.4 per cent and UPL by 2.6 per cent.

However, metal stocks lost shine with JSW Steel and Hindalco dipping by 0.8 per cent and Tata Steel by 0.7 per cent. Adani Ports, HDFC, GAIL and Tata Consultancy Services also traded lower with thin margins.

Meanwhile, Asian stocks rose to new record highs tracking US markets as investors hoped for more economic stimulus from newly inaugurated US President Joe Biden to offset damage wreaked by Covid-19 pandemic.

MSCI’s broadest index of Asia Pacific shares outside Japan touched record highs and was last up by 0.85 per cent with markets across the region posting gains.

Hong Kong’s Hang Seng breached the 30,000 level and rose by 0.31 per cent while Japan’s Nikkei was up by 0.72 per cent. The rises in Asia followed fresh record highs on Wall Street overnight.

The Dow Jones Industrial Average rose by 0.83 per cent, the S&P 500 gained by 1.39 per cent and the Nasdaq Composite added 1.97 per cent.

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