Sensex Crosses 48,000 Mark For First Time As Markets Continue Record Run

IT bellwether Tata Consultancy Services is scheduled to report its financial results on Friday, January 8

Sensex Crosses 48,000 Mark For First Time As Markets Continue Record Run

Gains across IT, automobile and metal shares supported the markets.

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 COVID-19 vaccines to eventually deliver a global economic upturn. The Sensex jumped 351.49 points, or 0.73 per cent, to touch an all-time high of 48,220.47 during the session, and the broader NSE Nifty 50 benchmark soared to an all-time high of 14,147.95, adding 129.45 points (0.92 per cent) to its previous close. Gains across most sectors, led by IT, automobile and metal shares, supported the markets.

Here are 10 things to know:

  1. The Sensex ended 307.82 points, or 0.64 per cent, higher at 48,176.80 and the Nifty added 114.40 points, or 0.82 per cent, to settle at settled at 14,132.90 -- both record closing highs. (Track Sensex, Nifty Here)

  2. Tata Steel, Hindalco, Eicher Motors, ONGC and Tata Consultancy Services (TCS), closing between 3.91 per cent and 8.37 per cent higher, were the top percentage gainers in the Nifty basket of 50 shares. On the other hand, Hero MotoCorp, Kotak Mahindra Bank, Bajaj Finance, Adani Ports and Asian Paints, down 0.781.63 per cent each, were the worst hit among 12 laggards in the index.

  3. TCS, Infosys, Hindustan Unilever and HCL Technologies were the biggest contributors to the gain in Sensex. (Also Read: Stocks To Watch Today)

  4. Analysts say optimism on a fast recovery this year from the coronavirus pandemic-caused slowdown is driving the markets.

  5. “Going ahead, the market momentum seen in the last couple of months is likely to continue on the back of strong global cues, sustained inflows, and improving macros trends. Further highest-ever GST collections for December can add to the positive momentum. Quarterly results and Union Budget will be some of the key event for the markets,” said Siddhartha Khemka, head of retail research at Motilal Oswal Financial Services.

  6. India, which has the second-highest number of coronavirus infections in the world, on Sunday approved for emergency use two coronavirus vaccines – one developed by AstraZeneca and Oxford University and the other by local company Bharat Biotech.

  7. The country is expected to start a massive immunisation program within a week. Serum Institute of India, the local maker of the AstraZeneca/Oxford vaccine, intends to meet the nation's demand first before exporting its vaccine.

  8. The Nifty IT index -- which tracks 10 software services shares -- closed 2.67 per cent higher, marking its biggest single-day gain since May 27. All 10 components in the sectoral index rose.

  9. Analysts also awaited corporate earnings for near-term cues. IT bellwether Tata Consultancy Services is scheduled to report its financial results on Friday, January 8.

  10. Global markets hit record highs on hopes that the rollout of coronavirus vaccines will eventually help revive the global economy.