INSUBCONTINENT EXCLUSIVE:
The S-P BSE Sensex and NSE Nifty 50 indexes surged to record highs on Monday on the
back of strong global cues on expectations of better global trade ties and more monetary stimulus under the US President-elect Joe Biden
Better-than-expected earnings in September quarter by Indian companies also boosted the investors' confidence, analysts said
The Sensex rose as much as 752 points to hit an intraday record high of 42,645.33 and Nifty 50 index climbed to an all-time high of 12,474
The Sensex surged 704 points or 1.68 per cent to close at record high of 42,597 and Nifty 50 index climbed 197 points or 1.61 per
Republican-controlled US Senate, and the Democratic candidate's projected victory on Saturday gave more fuel to the upmove.The MSCI world
equity index, which tracks shares in 49 countries, rose 0.5 per cent to a record high in early European hours
On Friday, it posted its biggest one-week gain in nearly seven months.Back home, ICICI Bank, HDFC Bank, Infosys, Axis Bank, Reliance
Industries, Bharti Airtel, Hindustan Unilever and HDFC were top movers in the Sensex
They collectively contributed over 450 points towards the gain in the Sensex.Buying was visible across the board as all the 19 sector
gauges, barring the index of pharma shares, ended higher led by the S-P BSE Telecom index's nearly 4 per cent gain
Banking, power, metal, consumer durables, utilities and energy shares also witnessed strong buying interest.Shares of information technology
companies surged on hopes that US President-elect Joe Biden will ease the policy on work visas (H-1B visas)
Analysts said that expectations of an easier work visa regime triggered buying interest in information technology (IT) companies, which
depend on work visas to send their employees to work for their clients in US, the biggest market for Indian IT services companies.Mid- and
small-cap shares also witnessed buying interest as S-P BSE MidCap index rose 1 per cent and S-P BSE SmallCap index climbed 0.6 per cent.In
Bharti Airtel, IndusInd Bank, ICICI Bank, Axis Bank, Hindalco, Bharat Petroleum, Tech Mahindra, NTPC, Shree Cements, HDFC Bank and Power
Finserv were among the notable losers.The overall market breadth was positive as 1,508 shares closed higher while 1,183 closed lower on the
