Nifty, Sensex close at record high

Market closed at record high

Indian stock markets hit a new high today tracking a global rally. stock markets started Monday’s session at record highs as Joe Biden’s win in the US presidential election lifted broader Asian shares. The S&P BSE Sensex index jumped 673.28 points – or 1.61 per cent – to touch an all-time high of 42,566.34 in early deals, and the broader NSE Nifty 50 benchmark climbed to a record 12,451.70, adding 188.15 points – or 1.53 per cent – to its previous close. Domestic Broad-based gains – led by banking, financial services, IT and pharmaceutical shares – pushed the markets higher. The sudden decline in dollar index has been the reason for the surge in our market. The dollar index slipped to 92 post the US election after trading at 94 prior to the US elections. Foreign institutions have been heavily buying into cash as well as derivatives segment has also improved sentiment in the overall market.

Buying has been witnessed in banks and other major indices like IT and FMCG. Broadly the BSE Sensex index is shifting its base, and now 40500/40000 should be the base for the market. Investors and traders are advised to be strictly stock specific. One can buy only on dips. Equity indices scaled fresh record peaks on Monday amid strong global cues after the US presidential election results were finally decided, with Joe Biden the president-elect. Indian investors felt that the development will be positive for the domestic markets, at least in the short run. The benchmark BSE Sensex soared more than 650 points to hit an all time high of 42566, while the broader NSE Nifty traded near the 12450 mark. Both BSE and NSE surged over 1.5 percent in the initial trade. More stimulus measures are required to boost the economy expected same from the government in the near future.