BackBenchmark indices close at fresh high
The S&P BSE Sensex rose 1.43% to close at 48,782.51 on Friday completing a 10th consecutive week of gains, while the NSE Nifty 50 Index advanced 1.48% to close at 14,347.25
PremiumMUMBAI : India’s benchmark indices closed at fresh record high on Friday as coronavirus-vaccine optimism and expectations of more U.S. stimulus buoyed investor sentiment.
The S&P BSE Sensex rose 1.43% to close at 48,782.51 on Friday completing a 10th consecutive week of gains, while the NSE Nifty 50 Index advanced 1.48% to close at 14,347.25.
Indian stocks followed increases across Asia as vaccination programs aimed at stemming the pandemic began and the formal endorsement of a new U.S. president and the Democrats winning control of the Senate fueled prospects of more economic stimulus.
“Indian benchmark equity indices reversed the two day loss on Jan 8 ending the week on a strong note" said Deepak Jasani, Head of Retail Research at HDFC Securities Ltd. “The results season begins today with TCS coming out with its Q3FY21 numbers. As more companies come out with their numbers, the focus could shift from index to individual stocks and peer stocks. There is still no reversal signal for the index. Another two odd weeks of gains seem plausible though not at the same pace."
The rupee strengthened 0.1% to 73.2450 per US Dollar, while the yield on 10-year government bonds climbed two basis points to 5.88%. All except two of 19 sector indexes compiled by BSE rose. Total market capitalisation of all listed companies on the BSE also zoomed to a record high of over ₹196 lakh crore.
During this week, the market capitalisation of BSE-listed firms jumped a whopping ₹6,39,026 crore to a record ₹1,95,66,343.57 crore ($2.67 trillion).
After Thursday trade, the market capitalisation of BSE-listed companies was at ₹1,93,18,126.7 crore.
The Sensex gained 15.7% in 2020. Equity investors grew richer by ₹32.49 lakh crore in 2020 helped by massive returns in the equity market which had a roller coaster ride during the year hit by the coronavirus pandemic.
Bloomberg contributed to the story.
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