Report by Prerna Deep:
The gains in Reliance Industries led the S&P BSE Sensex to move above the 50,000 marks for the first on Thursday. The surge was noticed when the market regulator SEBI approved the Reliance deal of buying Future Group’s retail assets. Amazon was also making efforts to block the agreement which was blown away by Reliance Industries. It is a ₹ 24,713-crore deal.
The Sensex rose as much as 335 points to hit an all-time high of 50,126.73 and the Nifty 50 index also moved 14,700 marks for the first time. As of 9:18 am, the Sensex rose 222 points to 50,038 and the Nifty 50 index advanced 63 points to 14,708. Along with, The newly inauguration of president Biden, rose new record in other Asian markets also on Thursday. S President Joe Biden, who was sworn into office on Wednesday is expected to take measures to offset damage wrecked by Covid- Pandemic, and in accordance with that, He laid out a $1.9 trillion stimulus package to boost the economy and speed up the distribution of the vaccine. The bullish take on the equity markets can be a result of hopes of the bold economic reforms in the upcoming budget. Along with the budget, better anticipated corporate earnings after Lockdown can also be the cause.
The Sensex has almost doubled from the records in March 2020. The average market capitalization of Listed Companies on BSE has now rushed to 198 lakh crore(Intraday) as of 21 January. The Head of Retail Research, HDFC Securities, Deepak Jasani on the momentous touch of Sensex said- “Expectations of a turnaround in the economy post-Covid vaccination and continued FPI inflows have led to this kind of gains for Indian markets in a globally low-interest scenario.”
