Stock market LIVE updates: An upbeat mood in the global markets, ahead of the swearing-in of Joe Biden as the 46th President of the United States, catapulted benchmark indices to fresh record highs on Wednesday. That apart, expectations of hefty US spending after US Treasury Secretary nominee Janet Yellen urged lawmakers to “act big” to save the economy further bolstered sentiment. Domestically, gains in heavyweights like Reliance Industries, HDFC, Infosys, TCS, and ICICI Bank, too, provided the necessary support.
In the intra-day session, the S&P BSE Sensex hit a new peak of 49,874, surging over 450 points. The index eventually settled at 49,792 levels, up 394 points or 0.8 per cent. Tech Mahindra, Maruti Suzuki, Asian Paints, Reliance Industries, Infosys, and M&M gained between 2 per cent and 3 per cent, and ended as the top performing stocks on the 30-share index. On the downside, NTPC, PowerGrid, HDFC Bank, ITC, and Nestle settled as top laggards, down up to 1 per cent.
In the broader market, the S&P BSE MidCap index settled 1 per cent higher, while the S&P BSE SmallCap index gained 0.58 per cent.
European rebounded, with the Euro STOXX 600 climbing 0.4%. Indexes in Frankfurt and Paris were both up a similar amount, though London shares were flat.
The buoyant mood mirrored that in Asia, where MSCI’s Asia-Pacific index outside Japan rose 0.8% to its highest ever. Hong Kong’s Hang Seng gained 1% to near its 2019 peak. Australian shares hit a record high.
(With inputs from Reuters)