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Sensex crosses 47K mark for first time, Nifty hits record high amid FIIs inflows, COVID vaccine hope

BusinessToday.In     December 18, 2020

Sensex crossed the 47K mark for the first time ever in opening trade today amid record inflows from foreign institutional investors, progress on COVID-19 vaccines globally and signs of a nascent economic recovery in the country. Sensex rose 136 points to all-time high of 47,026 in early trade against previous close of 46,890. The index has gained 13.32% since the beginning of this year.

Similarly, Nifty rose 31 points to all-time high of 13,771 against previous close of 13,740.

The index has gained 12.62% since the beginning of this year.

However, Sensex pared gains to trade 141.30 points or 0.30 per cent lower at 46,749.04 amid profit-booking at higher levels.

Nifty too slipped 44.90 points or 0.33 per cent to 13,695.80.

Infosys, HCL Tech, TCS, Nestle India and Bajaj Auto stocks were the top Sensex gainers in early trade. ONGC was the top loser on Sensex, shedding around 3 per cent, followed by IndusInd Bank, HDFC twins, Bajaj Finance and Kotak Bank.

On Thursday, Sensex ended 223.88 points or 0.48 per cent higher at 46,890.34 -- its new closing record. Nifty also rose 58 points or 0.42 per cent to a new closing high of 13,740.70.

Share Market News Live: Sensex drops 100 points, Nifty at 13,715; ONGC, SBI, M&M, Maruti, RIL top losers

Foreign portfolio investors (FPIs) were net buyers in the capital market as they purchased shares worth Rs 2,355.25 crore on Thursday.

Domestic equities continue to look firm and resilient. A record FPIs flows remain a key driving force for the market, analysts said. Prospects of earnings recovery, progress on vaccination along with consistent improvement in recovery rate from COVID-19 cases have supported rally in the market, they added.

Stock markets at record peak: Is it time to hold or fold?

Global markets

Asian stock markets were trading mixed after Wall Street hit a new high on optimism about economic stimulus and coronavirus vaccine development despite a spike in US unemployment claims.

The Nikkei 225 in Tokyo lost 0.2% to 26,760.96 while the Shanghai Composite Index added 0.1% to 3,409.31. The Hang Seng in Hong Kong lost 0.7% to 26,499.90. The Kospi in Seoul was up 0.2% at 2,774.38 at midday while Sydney's S&P-ASX 200 sank 1.1% to 6,683.20.

S&P 500 rose 0.6% on Thursday to 3,722.48. The Dow Jones Industrial Average gained 0.5% to 30,303.37. The Nasdaq added 0.8% to 12,764.75.

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