Home / Markets / Stock Markets /  Sensex starts 2021 on all-time high, logs longest weekly streak in 10 years

Indian stocks advanced on the first day of the New Year to record highs, also registering their longest weekly winning streak in a decade. The S&P BSE Sensex today climbed 0.3% to 47,868 in its ninth straight week of gains. The broader Nifty advanced 0.26% to 14,018.

The Nifty returned about 15% last year with investors betting that rollout of vaccines for Covid-19 will usher in a rapid recovery in the economic growth and boost corporate earnings. Among the Sensex stocks, ITC and TCS rose over 2% while Bajaj Auto, M&M, Bharti Airtel and SBI gained between1% and 2%.

Here is what analysts said on today's market performance:

Vinod Nair, Head of Research at Geojit Financial services

"With a hope that 2021 will be a year of economic recovery, market is touching all-time highs on a daily basis. Stocks across sectors cheered with mid & small caps at the forefront. The combined effect of foreign inflows and real earnings growth can keep the market rallying going forward."

S Ranganathan, Head of Research at LKP Securities.

"Markets ended in the green on the first day of the New Year buoyed by record GST collections and we saw a host of stocks buzzing around in the broader market weeks ahead of the earnings season. TCS led the rally with the auto sales numbers providing the momentum."

VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

"The 14.9 % returns from Nifty and 15.75 % returns from Sensex during 2020 conceals a lot of info like: Nifty recovered 84 % from the lows of March; Pharma index and IT index returned 61% & 55% respectively while the banking index delivered - 4 % returns with the PSU banking index delivering -30 % returns. As we start the 2021 journey two facts are important: One, abundant liquidity, low-interest rates & continuing capital flows are likely to support markets. Two, since valuations are at record highs, markets are vulnerable to corrections. Managing this contradiction would be the major challenge, going forward"

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.
Post your comment

Recommended For You

Trending Stocks

Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout