Sensex, Nifty end at lifetime closing high amid firm global cues

After opening at a record high today, domestic stock market indices made a new record high closing, taking cues from the global indices.

Sensex rallied 704 points, or 1.68 per cent to end the day at 42,597 levels. In the intra-day deals, the index hit a high of 42,645.33 levels. NSE's Nifty index, too, surpassed its previous high of 12,430.5 to settle at 12,461, up 198 points, or 1.61 per cent.

ICICI Bank, HDFC Bank, Infosys, and Reliance Industries (RIL) were the major contributors to the Sensex's gain today. Of 30 constituents, 27 advanced and three declined. 

Most market participants are hoping the Biden regime would spell good news for Indian companies, especially IT, and domestic financial markets.

Coming back to domestic factors, investors will also focus on industrial production and inflation data, scheduled to be announced on Thursday.

Global markets

World stocks hit a record high on Monday and the dollar stayed weak as expectations of better global trade ties and more monetary stimulus under US President-elect Joe Biden supported risk appetite. 

E-mini futures for the S&P 500 jumped more than 1.4% on Monday. MSCI’s broadest index of Asia Pacific shares outside of Japan jumped 1.3% after hitting its highest since January 2018. European stocks, too, rallied in the trade. 

In commodities, oil prices rose more than 2 per cent, with Brent futures topping $40 a barrel. 

(With inputs from Reuters)