Sensex soars above 51k as bulls dominate mkts

Mumbai: The Sensex closed above 51,000 points for the first time while the Nifty smashed past the 15,100-mark on Monday as the post-Budget rally continued for the sixth session amid strong corporate results and robust foreign fund inflows.

A persistently bullish trend in global markets further bolstered risk appetite, traders said. After touching a lifetime high of 51,523.38 during the day, the 30-share BSE Sensex ended 617.14 points or 1.22 per cent higher at its record closing peak of 51,348.77. Similarly, the broader NSE Nifty surged 191.55 points or 1.28 per cent to its lifetime closing high of 15,115.80. It touched an intra-day record of 15,159.90.

Investor wealth climbed by nearly Rs 2.50 lakh crore, with the market capitalisation of all BSE-listed companies reaching Rs 202.82 lakh crore. Mahindra and Mahindra (M&M) was the top gainer in the Sensex pack, soaring 7.23 per cent, followed by Bajaj Finserv, Bharti Airtel, PowerGrid, Infosys and ICICI Bank. On the other hand, HUL, Kotak Bank, Bajaj Finance, ITC, Bajaj Auto amd Sun Pharma closed in the red, dropping up to 1.43 per cent.

"Strong global cues supported the domestic rally. PSU Banks, which was on a bull run paused today with some correction noticeable in FMCGs. The overall market is maintaining its buoyancy with rally in all sectors especially auto, IT and metals.

Improved domestic outlook is encouraging sustained FPI inflows," said Vinod Nair, Head of Research at Geojit Financial Services. Sector-wise, BSE auto, metals, industrials, telecom, utilities and teck indices rallied as much as 3.07 per cent, while FMCG index closed with losses.

In the broader markets, the BSE midcap and smallcap indices spurted up to 1.53 per cent. Global shares marched to record highs on hopes that US President Joe Biden's $1.9 trillion Covid-19 relief package will be passed by lawmakers soon.

Elsewhere in Asia, bourses in Shanghai, Hong Kong and Tokyo ended with significant gains, while Seoul was in the red. Stock exchanges in Europe were trading on a positive note in mid-session deals.

Meanwhile, the global oil benchmark Brent crude crossed the $60 per barrel mark after more than a year on improving demand prospects. The rupee fell by 4 paise to close at 72.97 against the US dollar, weighed by a strong dollar sentiment and high demand for the greenback from importers.