Sensex Breaches 50,000 After Joe Biden Takes Over as US President

Andrew Cummings
January 21, 2021

The 30-share BSE Sensex soared 834.02 points or 1.72 per cent to close at 49,398.29. The markets are reacting to strong global cues in the wake of Joe Biden taking over as the 46th US President.

The NSE Nifty had surged 123.55 points to settle at a lifetime high of 14,644.70 after US Treasury Secretary nominee Janet Yellen called for a stimulus to protect the US economy.

U.S. equities finished at record highs on Wednesday after Joe Biden was sworn in as the President of the United States and he vowed to take all necessary measures to bring back the USA economy on track.

The top gainers in the Sensex pack were Bajaj Finance, Bajaj Auto, HCL Tech, Ultratech Cement, Reliance Industries Ltd (RIL), Tech Mahindra and Asian Paints as their shares rose by 1.43 per cent.

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. So far, the Q3 results are better than forecasted and this has led to continued buying across sectors.

In the broader markets, the BSE midcap and smallcap gauges jumped as much as 1.08 per cent.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Seoul and Tokyo were trading with significant gains in mid-session deals. In the currency market, the rupee finished 14 paise higher at 73.03 against the United States dollar on Wednesday amid the rally in domestic equities and a weak greenback overseas.

Brent crude futures, the global oil benchmark, rose 0.70 per cent to Dollars 56.29 per barrel.

Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 257.55 crore on Tuesday, according to provisional exchange data.

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