Market continue record run: Sensex crosses 48,000-mark for first time ever, Nifty tests 14,100

Domestic stock markets continued a record-breaking spree on Monday, with the S&P BSE Sensex index trading above the 48,000 mark for the first time ever, tracking record highs in Asian equities as investors pinned their hope on vaccines to eventually deliver a global economic upturn.

The Sensex jumped 299.24 points, or 0.63 per cent, to an all-time high of 48,168.22 in early deals and the broader NSE Nifty 50 benchmark soared to as high as 14,107.75, climbing up 89.25 points, or 0.64 per cent, from its previous close.

Top gainers in the Sensex pack included ONGC, TCS, SBI, Infosys, IndusInd Bank and Hindustan Unilever with shares up as much as 1.56 per cent.

While Reliance and Asian Paints were the only stocks that were trading in the red.

The past week saw both Sensex and Nifty hitting record levels on a daily basis, buoyed by positive global trends and news around the rollout of Coronavirus vaccination.

Drugs Controller General of India (DCGI) on Sunday approved for emergency use two Coronavirus vaccines – one developed by AstraZeneca and Oxford University and the other by local company Bharat Biotech.

The country, which has the second-highest number of Coronavirus infections in the world, is expected to start a massive immunization program within about a week.

“Among the key events, earnings season starts this week with IT major TCS results scheduled on January 8. On the economic front, participants will be eyeing the PMI manufacturing and services data. The overwhelming foreign fund inflow is helping markets to inch higher,” Ajit Mishra, VP Research, Religare Broking Ltd told news agency PTI.

Meanwhile, foreign portfolio investors (FPIS) remained net buyers for the third month in a row by investing Rs 68,558 crore in markets. For the equity segment, this is the highest quantum of money invested ever since the FPI data has been made available by the NSDL.

As per data, overseas investors put in a net Rs 62,016 crore into equities and Rs 6,542 crore into the debt in December 2020.

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