Sensex rallies over 600 points to hit record high; Nifty tops 15,100

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Following positive global cues, Indian indices continued its strong run as Nifty surged over 190 points while Sensex jumped over 600 points to open at 51,262.

In opening trade, M&M was the top gainer on BSE soaring 10%, followed by Axis Bank, ONGC, ICICI Bank.

On the sectoral front, Nifty Auto index gained the most, up 2.88% and Nifty Bank index rose 1.83%.

Result today:

BPCL, Aditya Birla Fashion, Astrazeneca Pharma, Balkrishna Industries, Bombay Dyeing, Godrej Consumer Products, NMDC, Redington India, Sun Pharma Advanced Research Company, Sun TV Network, Torrent Pharmaceuticals, Usha Martin, Vakrangee amongst others.

Global markets: Overseas, Asian stocks are trading mixed on Monday, as investors will be watching Hong Kong listed shares of Chinese tech giants Alibaba, Tencent and JD.com following the release of new anti-monopoly guidelines over the weekend.

In US, the Nasdaq and S&P 500 hit all-time highs on Friday on stronger-than-expected corporate results in the fourth quarter.

The Senate and House each passed a budget resolution on Friday, starting the reconciliation process that would allow President Joe Biden’s $1.9 trillion rescue package to get through the Democratic-held Senate with a simple majority. The package includes $1,400 stimulus checks, supplemental jobless benefits and Covid-19 vaccine and testing funds.

Meanwhile, U.S. President Joe Biden said his administration was prepared for “extreme competition” with China, though his approach would be different than his predecessor. Biden also said during the interview that he had not spoken to Chinese President Xi Jinping yet since he was sworn in last month.