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D-Street party continues; Sensex ends 610 pts higher at 52,154; banks rally

The Nifty Bank index stole the show and hit a new peak of 37,309 levels, up 1,200 points in the intra-day trade. The index closed 1,197 points, or 3.3 per cent, higher at 37,306 levels

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MARKET WRAP | Markets | NSE

SI Reporter  | New Delhi 

EVENT HIGHLIGHTS

MARKETS: Indices hold near record high, Sensex up 550 pts; financials gain
updates: Indian stock touched sky high on Monday as bulls rode on banking and financial counters even as bears took control over IT and metal stocks. Amid contained Covid-19 infections, Budget boost, and economic revival, frontline indices gained over 1 per cent today while midcap stocks outperformed their large-cap peers.

The headline S&P closed above the 52,000-mark for the first time on gains of 610 points, or 1.18 per cent, at 52,154 levels. In the intra-day trade, the index hit a record high of 52,177.5 levels. Axis Bank (up 6 per cent) ended the day as top gainer on the index, followed by gains in ICICI Bank, Bajaj Finance, SBI, Bajaj Finserv, HDFC, IndusInd Bank, and HDFC Bank, all up between 2 per cent and 4 per cent. 

However, losses in TCS, Dr Reddy's Labs, Tech Mahindra, HUL, Asian Paints, and HCL Tech, all down up to 1.8 per cent, capped gains.

NSE's Nifty50, on the other hand, hit a record high of 15,327 levels in the intra-day trade before ending at 15,315-mark, up 151 points or 1 per cent. About 22 stocks declined on the index today, compared with 28 stocks that advanced. SBI Life, HDFC Life, TCS, Dr Reddy's Labs, Grasim, and Tech M were the top losers on the index.

In the broader market, the S&P MidCap index closed around 1.4 per cent higher with up to 14 per cent gains in Cholamandalam Finance, Apollo Hospitals, Adani Transmissions, LIC Housing Finance, Adani Enterprises, and M&M Finance.

On the contrary, the S&P SmallCap index closed 0.4 per cent higher.

On the sectoral front, the Nifty Bank index stole the show and hit a new peak of 37,309 levels, up 1,200 points in the intra-day trade. The index closed 1,197 points, or 3.3 per cent, higher at 37,306 levels. That apart, the Nifty Financial Services index and the Private Bank index ended nearly 3 per cent higher each. On the downside, the Nifty IT and Metal indices closed 0.4 per cent lower. 

Global markets
Global shares rose for the 11th day in a row to hit a fresh peak on optimism about the rollout of Covid-19 vaccines and new fiscal aid from Washington, while tensions in the Middle East drove oil to a 13-month high.

With China and Hong Kong closed for the Lunar New Year holiday, Japan's led the way, climbing 1.9 per cent to reclaim the 30,000-point level for the first time in more than three decades.

In Europe, shares scaled one-year highs on Monday with the pan-European STOXX 600 up 0.7 per cent.
  
Oil joined equity in pushing higher, reaching its highest level since January 2020. Brent crude rose 1.6 per cent to $63.41 a barrel. US crude oil gained 2.1 per cent to $60.74.

In the cryptocurrency market, recovered some of its overnight weakness to trade down 2.3 per cent at $47,539.49, below a record high of $49,714.66.

(With inputs from Reuters)

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