The S&P BSE Sensex moved above 50,000 mark for the first on Thursday led by gains in Reliance Industries after the market regulator SEBI approved Reliance Industries’ Rs 24,713-crore deal to buy Future Group’s retail assets, in a blow to Amazon’s efforts to block the agreement. The BSE also granted its “no adverse observation” report to the deal clearance from the market regulator, with some riders. The Sensex rose as much as 335 points to hit an all-time high of 50,126.73 and Nifty 50 index also moved 14,700 mark for the first time.
As of 9:18 am, the Sensex rose 222 points to 50,038 and Nifty 50 index advanced 63 points to 14,708.
Meanwhile, other Asian markets also rose to new record highs on Thursday, tracking US markets as investors hoped for more economic stimulus from newly inaugurated US President Joe Biden to offset damage wreaked by the COVID-19 pandemic.
US President Joe Biden, who was sworn into office on Wednesday, last week laid out a $1.9 trillion stimulus package proposal to boost the economy and speed up the distribution of vaccines.
Back home, better-than anticipated corporate earnings, hopes of bold economic reforms in the upcoming budget and sustained buying by foreign institutional investors is keeping the investors’ sentiment bullish on equity markets.