Sensex rallies over 400 points in early trade

Mumbai: Equity benchmark Sensex surged over 400 points in early trade on Monday to top the 49,000 mark for the first time, tracking gains in IT stocks amid largely positive trend in global equities and massive FPI inflow.

After touching a record intra-day high of 49,260.21, the 30-share BSE index was trading 405.45 points or 0.83 per cent higher at 49,187.96.

Similarly, the broader NSE Nifty jumped 112.45 points or 0.78 per cent to 14,459.70 in opening deals. It hit a fresh intra-day high of 14,474.05.

On the Sensex chart, Infosys was the top gainer, rising around 4 per cent, followed by HCL Tech, ITC, HDFC Bank, Bharti Airtel, HUL and TCS.

On the other hand, Axis Bank, Maruti, ONGC, Bajaj Finance and Reliance Industries were among the laggards.

In the previous session, the Sensex had closed 689.19 points or 1.43 per cent higher at 48,782.51, while Nifty rallied 209.90 points or 1.48 per cent to close at its record high of 14,347.25.

Foreign portfolio investors (FPIs) were net buyers



in the capital market as they purchased shares worth Rs 6,029.83 crore on Friday, according to exchange data.

According to Binod Modi, Head-Strategy at Reliance Securities, domestic equities continue to look firm. Continued improvement in COVID-19 recovery rates and announcement of vaccination process from January 16 would offer comfort to markets.

"Additionally, robust earnings performance delivered by TCS and expectations of strong 3QFY21 earnings by companies led by sustained rebound in key economic data may propel the market to witness fresh highs in the near term.

"FPIs flow may continue to remain favourable given the status of the global economy, the stance of global central bankers and the weak dollar," he said.

Elsewhere in Asia, bourses in Hong Kong, Tokyo and Seoul were trading with significant gains in mid-session deals, while Shanghai was in the red.

Meanwhile, the global oil benchmark Brent crude was trading 1.29 per cent lower at USD 55.27 per barrel.