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Sensex closes above 50,000 for first time; Dr Reddy's, PowerGrid, M&M top gainers

IndusInd Bank, followed by Dr Reddy's, PowerGrid, Tech Mahindra, M&M, Sun Pharma and Axis Bank were among the top gainers. On the other hand, Maruti, Kotak Bank, SBI and UltraTech Cement were among the losers

twitter-logoBusinessToday.In | February 3, 2021 | Updated 18:31 IST
Sensex closes above 50,000 for first time; Dr Reddy's, PowerGrid, M&M top gainers
Overseas, Asian stocks rose on Wednesday following an overnight surge on Wall Street. Chinese services PMI data will be released later in the day

Market indices closed at record highs on Wednesday after touching lifetime highs in early session in line with positive global equities.

Extending gains for the third session after Union Budget 2021, Sensex ended 458 points higher at 50,225 and Nifty gained 142 points to 14,789.  Sensex has closed above the 50K mark for the first time ever today. 

Sensex and Nifty hit their all-time highs in early trade as investors were enthused by a Budget aimed at economic recovery amid Covid -19 crisis. Sensex and Nifty hit lifetime highs of 50,526 and 14,868 during today's session. Earlier, Sensex and Nifty hit fresh record highs of 50,184 and 14,753, on January 21.

IndusInd Bank, followed by Dr Reddy's, PowerGrid, Tech Mahindra, M&M, Sun Pharma and Axis Bank were among the top gainers. On the other hand, Maruti, Kotak Bank, SBI and UltraTech Cement were among the losers.

Yesterday, Sensex ended 1,197 points higher at 49,797 and Nifty gained 366 points to 14,647.

Overseas, Asian stocks rose on Wednesday following an overnight surge on Wall Street. Chinese services PMI data will be released later in the day.

US markets gained yesterday backed by strong quarterly earnings reported by Amazon and Alphabet. Meanwhile, investors will be following stimulus negotiations in Washington, after congressional Republicans made a counteroffer to President Joe Biden's $1.9 trillion stimulus plan on Sunday.

European markets opened higher as investors hope for an economic recovery post-pandemic and as retail trading frenzy in stocks like GameStop waned.

On markets closing --Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said," We have been successful in getting past 14753.55 which was the previous high recorded by the Nifty. We should now target 15000-15100 and given the strong bullish tone, we could achieve this during the course of the February series. While we have good support at 14200-14300, a buy on dips strategy would be most appropriate."

Ashis Biswas, Head of Technical Research at CapitalVia Global Research Limited said," The market witnessed to extend the gain further after the decisive breakout of the Nifty 50 Index level of 14750. the market is likely to hold the momentum and reaches the level of 14950-15000. The level of 14730-14750  act as a support zone from the short-term perspective. The momentum indicators like RSI, MACD to stay positive supporting our view that the upside movement is likely to continue. "

Rupee settled on a flat note, up 1 paisa to 72.95 per US dollar. Traders remained cautious ahead of Reserve Bank of India (RBI) monetary policy outcome to be announced on Friday.

After Budget 2021-2022, macro data, ongoing corporate earnings season and global market performance will impact stock market movement this week.

Share Market News Live: Sensex hits new high, Nifty above 14,750; Asian Paints, Titan, HDFC top gainers

Stocks in news: Tata Consumer, V-Mart, Infosys, Future Retail, JSW Energy, Tata Motors

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