Sensex Record High: BSE Index Breaches 49,000 Level For The First Time On Back Of IT, Financial Stocks

The S&P BSE Sensex rose 400 points, or 0.8 per cent, at 49,190 levels while the Nifty50 index topped the 14,420 level.

(Representative Image/ Getty)

Stock Market Update: Markets recorded fresh highs as the BSE Sensex crossed 49,000 for the first time rising over 400 points in the opening session on Monday. Nifty rose above the 14,400 mark. The fresh high was backed by IT stocks whereas Axis Bank and Ultratech were the top losers. Also Read: Covid-Hit India Recovering As Manufacturing, Infra Boost Logistics; Automation To Be Next Big Thing The S&P BSE Sensex rose 400 points, or 0.8 per cent, at 49,190 levels while the Nifty50 index topped the 14,420 level. Technology stocks were the lead Sensex gainers including Infosys, HCL Tech, and TCS climbing 3%, 2%, and 1%, respectively. IT major Tata Consultancy Services Ltd (TCS) became the second Indian company to hit ₹12 trillion in market capitalisation after the information technology (IT) services major posted its strongest December quarter growth in nine years, as per the Mint report. Besides, shares of Avenue Supermarts gained 2 per cent after the firm posted a 16 per cent jump in Q3 profit. After two quarters of double digit revenue decline, Avenue Supermarts reported growth and better than expected performance in the December quarter. Led by festival-led sales in October and November, the company posted a 10 per cent growth in Q3 over the year ago quarter. Meanwhile Wall Street scaled new highs on Friday as the hopes of added stimulus from Washington were shaken a bit by a senator's comments but later bolstered after US President-elect Joe Biden said his economic package will be in the trillions of dollars. oil prices fell on Monday on renewed concerns about global fuel demand amid strict coronavirus lockdowns in Europe and new movement restrictions in China, the world's second-largest oil user, after a jump in cases there. Brent crude oil futures fell 42 cents, or 0.8%, to $55.57 a barrel by 0146 GMT after earlier climbing to $56.39, its highest since Feb. 25, 2020. Brent rose in the previous four sessions. On the other hand, Rupee fell 24 paise to 73.48 against the US dollar in early trade. The rupee closed at 73.24 per dollar on Friday.