Equity benchmark Sensex rallied over 300 points to hit the 50,000-mark for the first time ever in (stock market futures)   early trade on Thursday on strong gains in index majors Reliance Industries, Bajaj Finance and ICICI Bank amid positive global cues.

After touching a lifetime high of 50,126.73, the 30-share BSE index was trading 300.09 points or (stock market futures)  0.60 per cent higher at 50,092.21 in opening deals.


Similarly, the broader NSE Nifty surged 85.40 points or 0.58 percent to trade at 14,730.10. It too (stock market futures)  scaled its highest level of 14,738.30 in early trade.

Bajaj Fiserv was the top gainer in the Sensex pack, rising around 4 per cent, followed by Bajaj Finance, Reliance Industries, IndusInd Bank and Axis Bank.

On the other hand, TCS and HDFC twins were the laggards.

In the previous session, the Sensex had advanced by 393.83 or 0.80 per cent to close at its fresh record of 49,792.12, and the Nifty had jumped 123.55 points or 0.85 per cent to settle at a lifetime high of 14,644.70.

Foreign portfolio investors (FPIs) were net buyers in the capital market as they purchased shares (stock market futures)  worth Rs 2,289.05 crore on Wednesday, as per exchange data.

According to Binod Modi Head-Strategy at Reliance Securities, domestic equities look to be (stock market futures)  good at the moment given positive global cues.

We believe underlying strength of the market remains intact given continued recovery in key economic data and expectations of sustained recovery in corporate earnings. Further, ongoing (stock market futures)  vaccination drive and likely opening-up of the economy at full scale augur well for the economy and equities.

Additionally, favourable monetary policies of global central bankers, weak dollar and large fiscal (stock market futures)   stimulus in the US are expected to ensure sustain FPIs flow in domestic equities, he said.

US equities finished at record highs on Wednesday after Joe Biden was sworn in as the President (stock market futures)   of the United States and he vowed to take all necessary measures to bring back the US economy on track.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Seoul and Tokyo were trading with  (stock market futures)  significant gains in mid-session deals.

Meanwhile, the global oil benchmark Brent crude was trading 0.30 percent higher at USD 55.91 per barrel.


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