Nifty, Sensex edge up along with Asian peers after Yellen boost

Buoyed by Biden's inauguration as US President Sensex breaches 50,000-mark for 1st time Nifty over 14,700

The Sensex climbed 834 points or 1.72 per cent to close at 49,398 and Nifty rose 240 points or 1.68 per cent to settle at 14,521. The markets are reacting to strong global cues in the wake of Joe Biden taking over as the 46th US President. Wednesday's rally lifted the Nifty on the NSE as well by 124 points to 14,645.

Among Sensex stocks, Maruti rose the most by 2.75 per cent, followed by Tech Mahindra (2.67 per cent), Mahindra & Mahindra (1.98 per cent) and Asian Paints (1.98 per cent).

Biden, who will be sworn into office on Wednesday, has laid out a Dollars 1.9 trillion stimulus package proposal to boost the economy.

On the other hand, NTPC (1.30%), Power Grid Corporation Of India (1.28%), HDFC Bank (0.69%), ITC (0.64%), Kotak Mahindra Bank (0.58%), and Sun Pharmaceutical Industries (0.06%) were the biggest losers in the Sensex. The surge came as foreign funds renewed buying into the Indian stock market.

"Ahead of Joe Biden's inauguration as President, the U.S. market is on an upbeat mood with high expectations of a big USA stimulus", said Vinod Nair, Head of Research at Geojit Financial Services. On the sectoral front, auto, IT, PSU banks and energy led the gainers, while utilities and FMCG witnessed some selling. MSCI's broadest index of Asia-Pacific shares outside Japan touched record highs and was last up 0.85%. They also believe that the world's biggest COVID-19 vaccination drive in India will also drive the stock market higher.

European bourses were trading in the green in early deals.

Investor wealth grew by Rs 3.41 lakh crore on Tuesday as markets made a dashing comeback after two days of losses.



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