Markets greet new year with euphoric rally; Sensex rises 929 points

The macroeconomic data helped investors overlook the impact of the rising Covid cases and new restrictions imposed by many states

India’s benchmark indices made a solid start to the new year on strong global cues and hopes that the rising cases of Covid-19 would not lead to total lockdowns. The goods and services tax (GST) collection and manufacturing purchasing managers’ index (PMI) numbers also cheered investors. 

The Sensex rose 929 points, or 1.6 per cent, to end the session at 59,183 on Monday, posting the best day-one gains in a calendar year since 2009 in percentage terms. The Nifty, on the other hand, surged 271 points to close at 17,625. Foreign portfolio investors were net buyers to the tune of Rs