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Markets jump to record highs; Nifty ends over 13k for 1st time

Markets jump to record highs; Nifty ends over 13k for 1st time
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Mumbai: Indian equity indices conquered new peaks on Tuesday, with the Nifty closing above the 13,000-level for the first time, as banking, FMCG and auto stocks saw heavy buying amid optimism over COVID-19 vaccine progress and unabated foreign capital inflows.

After scaling a lifetime intra-day high of 44,601.63, the 30-share BSE Sensex ended 445.87 points or 1.01 per cent higher at a record 44,523.02.

Similarly, the broader NSE Nifty climbed 128.70 points or 1 per cent to close at 13,055.15.

Axis Bank was the top gainer in the Sensex pack, spurting 4.02 per cent, followed by M&M, HDFC Bank, ITC, SBI, ICICI Bank, Maruti, Kotak Bank and Sun Pharma.

On the other hand, HDFC, Titan, Nestle India, Bharti Airtel, ONGC and Infosys were among the main laggards, shedding up to 1.47 per cent.

Global markets maintained their upward trajectory as investors wagered on swift rollout of COVID-19 vaccines following encouraging trials data from at least three

companies.

"Market is inching higher with more confidence that COVID-19 vaccine will be available in India soon. It can provide an advantage to India compared to the rest of the world. While, foreign inflows have already broken to a new high on a monthly basis, due to risk on strategy on healthier emerging markets

like India.

"Recently broad market, including mid and small caps, have started to perform better which may continue in the short-term as large caps look expensive post the solid rally from COVID low," said Vinod Nair, Head of Research at Geojit Financial Services.

Barring telecom, all BSE sectoral indices ended in the green, led by bankex (2.37 per cent), auto (1.84 per cent), realty (1.78 per cent) and metal (1.37 per cent).

Meanwhile, Brent crude futures, the global oil benchmark, rose 0.85 per cent to $46.45 per barrel.

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