Sensex trades over 49,000 on global cues, Q3 earnings
By siliconindia | Monday, 11 January 2021, 08:41 Hrs
The bullish sentiments in the Indian equity market continue to hold strong as the BSE Sensex crossed the 49,000-mark for the first time in its history.
The rise in domestic indices came on the back of a positive trend in the global markets along with robust Q3 earnings.
Healthy buying was witnessed in IT stocks, which surged on the back of strong third quarter of the Tata Consultancy Services.
IT major TCS on Friday reported a rise of 7.2 per cent in its consolidated net profit for the third quarter of FY21.
The BSE Sensex has touched an all-time high of 49,269.02 points. The Nifty on the National Stock Exchange has touched a record high of 14,479.70 points.
Around 12.26 p.m., Sensex was trading at 49,089.75, higher by 307.24 points or 0.63 per cent from its previous close.
Nifty50 was trading at 14,426.80, higher by 79.55 points or 0.55 per cent from its previous close.
The top gainers on the Sensex were Infosys, HCL Technologies and Hindustan Unilever, while Tata Steel, L&T and Bajaj Finance were the major losers.
Analysts are of the view that the bull run would continue in the near term and is set to cross the 50,000-mark ahead of the budget. The bull run has been fueled by incessant flow of FIIs over the months along with the hopes on the vaccine front and liquidity support owing to the measures by the government and the central bank.
Near zero interest rates in several countries across the globe have made investors throng towards India, they said.
On Friday, net FII inflow stood at Rs 6,029.83 crore.
Going ahead, apart from the healthy Q3 results, the release of macro-economic data points of Index of Industrial Production (IIP), Consumer Price Index (CPI) scheduled on January 12 would also support the markets.
Besides, investors will look forward to the macro-economic data points of WPI (Wholesale Price Index) and India's trade figures.