Sensex, Nifty Rally For Fourth Day In A Row, Close At Record Highs

The S&P BSE Sensex and NSE Nifty 50 indexes rose for fourth session in a row on Monday and closed at all-time highs on the back of a broad-based buying interest. The benchmarks staged a gap up opening and maintained the up move led by gains in HDFC Bank, HDFC, State Bank of India and Larsen & Toubro. The Sensex rose as much as 433 points to hit an all-time high of 47,406.72 and Nifty 50 index climbed as much as 136 points to hit record high of 13,885.30. US President Donald Trump’s approval of a pandemic relief package aided risk sentiment globally.

The Sensex rose 380 points to close at record high of 47,353.75 and Nifty 50 index climbed 124 points to settle at an all-time high of 13,873.20.

Global shares rose on Monday after US President Donald Trump signed a $2.3 trillion spending package and as investors continued to celebrate a last-minute trade deal clinched between Britain and the European Union.

By backing down from his earlier threat to block the bipartisan bill, President Trump allowed millions of Americans to continue receiving unemployment benefits and averted a federal government shutdown.

Global stock markets have been awash with large amounts of liquidity, thanks to measures taken by various central banks to help cope with the fallout from the ongoing pandemic. Analysts, however, have warned that stocks remain overvalued and are due for a correction.

Back home, all sector gauges compiled by the National Stock Exchange, barring the measure of pharma stocks, ended higher led by the Nifty PSU Bank index’s nearly 3 per cent gain. Nifty Metal, Realty, Bank, Financial Services and Private Bank indexes also rose between 1-2.5 per cent.