Nifty Tops 14000 For The First Time, Sensex Hits Record High

After a subdued start on the last trading session of 2020, Indian indices gained momentum and Nifty hit the 14000 mark for the first time ever and Sensex scaled to a record high of 47865.56. Bank Nifty also gained ground and was up by a margin to only be volatile in the session. Broader markets outperformed indices with gains of 0.62% on Nifty Midcap 100.

Nonetheless, the expiry of December series derivatives contract will impart volatility to the markets.

Among sectoral gainers, Nifty Realty was up after Anarock said that housing sales in the October-December rose to 50,900 units across seven big cities.

Tata Steel's MD and CEO in its outlook for 2021 is optimistic that the steel demand in the country will grow in proportion or even higher to the GDP growth in FY22. The scrip advanced up to 0.71% on the BSE.

Infosys shares tumbled 0.6% after a media report suggested that the company's JV partner in Saudi Arabia has filed a suit against the company in California court alleging that Infosys violated US law on corruption. The company as alleged by the SPC incorrectly claimed that it was not minting money from certain contracts and requested for lowering its 8 per cent commission by at least half or waive it off completely that resulted in financial losses.

Meanwhile, Asian indices at the time of writing this copy traded mixed with Hang Seng up and Australian shares down. The Japanese stock market is closed today.

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