IT services stocks pushed the Indian market to a record high in the first trading session in 2021. This is because the continued inflow of foreign funds and the imminent expectations for the deployment of the COVID-19 vaccine have made investors bullish.
The NSE Ifty 50 Index for Best Caps rose 0.34% to 14,029.70 by Friday 0515 GMT and the Benchmark S & P BSE Sensex rose 0.36% to 47,922.14.
Nifty rose 14.9% in 2020 and Sensex added 15.75%, both of which recorded the highest annual performance since 2017. Both indexes recovered more than 86% from their March lows, boosted by global central banks’ liquidity support and COVID developments. 19 Vaccine front.
Aishvarya Dadheech, fund manager at Ambit Asset Management in Mumbai, said, “Despite the overheating of the market, the investment flow of foreign institutional investors continues … risk-on sentiment is widespread and India’s Funds will continue to be poured into such markets. ” “It’s a very fluid market.”
Investors are looking to a meeting with Indian drug regulators later that day to consider approval of the emergency use of the COVID-19 vaccine at AstraZeneca and Oxford University.
The Nifty IT index rose 0.95%, with heavyweight Tata Consultancy Services being the biggest boost to the Nifty 50.
Among individual stocks, Mahindra and Mahindra rose 2.2%, the highest rate of increase in Nifty. US car makers Ford Motor Company and Mahindra have discontinued their car joint venture due to challenges posed by the pandemic.
Nifty Auto Index rose 0.66%. Indian car makers will report December sales on Friday. Tractor maker escorts increased 2.2% after reporting a 88% surge in sales. Maruti Suzuki India grew 0.8% after reporting a 20% increase in sales.
Antony Waste Handling Cell, a municipal solid waste management company, surged nearly 40% on its market debut.
Most markets around the world are closed due to the New Year.
Sensex and Nifty started 2021 at the highest level ever. IT rises
Source link Sensex and Nifty started 2021 at the highest level ever. IT rises