EconomyBull run on the bourses, IT and auto stocks...

Bull run on the bourses, IT and auto stocks in focus

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Mumbai (Maharashtra, India): Equity benchmark indices scaled fresh lifetime high levels on Wednesday led by heavy buying in IT, auto and public sector bank stocks.

The BSE S&P Sensex closed 394 points or 0.8 percent higher at 49,792 while the Nifty 50 advanced by 124 points or 0.85 percent to 14,645.

Except for Nifty FMCG, all sectoral indices at the National Stock Exchange were in the positive zone with Nifty IT moving up by 2.2 percent, auto by 2.4 percent and PSU bank by 2.1 percent.

Among stocks, Tata Motors accelerated by 6 percent to Rs 274.40 per share. Maruti Suzuki was up by 2.9 percent and Mahindra & Mahindra by 2.2 percent.

Wipro gained by 3.4 percent to Rs 445.20 per share while Tech Mahindra gained by 2.7 percent and Infosys by 1.7 percent.

Index heavyweight Reliance Industries added gains of 1.9 percent. However, SBI Life, NTPC, GAIL, HDFC Bank and ITC were in the negative terrain.

Meanwhile, Asian shares climbed to a record high as US Treasury Secretary nominee Janet Yellen advocated for a hefty fiscal relief package to help the world’s largest economy ride out a pandemic-driven slump.

US President-elect Joe Biden, who will be sworn into office later on Wednesday, last week laid out a 1.9 trillion dollar stimulus package proposal to boost the economy and speed up the distribution of vaccines.

Hong Kong’s Hang Seng moved up by 1.08 percent to approach its 2019 peak and South Korea’s Kospi was up by 0.71 percent.

Japan’s Nikkei, however, slipped 0.38 percent on profit-taking. 

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