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Sensex Crosses 50,000: Spectacular Bull Run On Back

By FnF Correspondent | PUBLISHED: 21, Jan 2021, 10:50 am IST | UPDATED: 21, Jan 2021, 11:48 am IST

Sensex Crosses 50,000: Spectacular Bull Run On Back Delhi: Following optimism among global peers, markets on Thursday breached the mark of 50,000 for the first time. BSE Sensex gained 271 points to cross the historic 50,000 points benchmark, while Nifty Fifty was up 88 points to reach a record of 14,732 points on Thursday morning.

Indian markets opened up on a positive note following the trends in SGX Nifty. SGX Nifty was trading over 60 points higher at 14,706 around 7.10 am, indicating a firm start for benchmark indices.

Reliance Industries shares on Thursday jumped 2% after market regulator Sebi cleared the way to Future Group's scheme of arrangement and sale of assets to Reliance, based on which the Bombay Stock Exchange also granted its "no adverse observation" report to the ₹24,713-crore deal.

On Wednesday, the indices hit a record high led by IT and auto stocks along with positive global cues. The indices closed in the green for the second day in a row with Sensex ending up 394 points at 49,792, while Nifty closing 0.9% higher at 14,645.

Asian stocks also recorded a new high in line with the overnight gains on Wall Street as investors hoped for more economic stimulus from newly inaugurated US President Joe Biden to offset damage caused by the pandemic.

Meanwhile in the overnight session, US stocks ended on a record high as investors became optimistic that the recent federal spending will revive growth and boost corporate earnings. Aso, the change in leadership in the US also bring renewed hopes as Joe Biden was sworn in as the 46th president of the United States.

The Biden administration is expected to announce nearly $2 trillion US fiscal stimulus plan.

The Dow Jones Industrial Average rose 0.83%, the S&P 500 gained 1.39% and the Nasdaq Composite added 1.97%.