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Sensex, Nifty soar to record highs amid global rally

Among Sensex stocks, Maruti rose the most by 2.75 %.

Benchmark BSE Sensex rose by 393 points on Wednesday following gains in IT, energy and auto stocks amid strong global cues on hopes of fresh stimulus measures by the incoming U.S. administration.

The 30-share Sensex advanced by 393.83 or 0.80 % to close at its fresh record of 49,792.12.

The broader NSE Nifty jumped 123.55 points or 0.85 % to settle at a lifetime high of 14,644.70.

World stocks advanced on Wednesday after U.S. Treasury Secretary nominee Janet Yellen called for a hefty stimulus to protect the U.S. economy. President-elect Joe Biden, who will be sworn into office on Wednesday. has laid out a $ 1.9 trillion stimulus package proposal to boost the economy.

Among Sensex stocks, Maruti rose the most by 2.75 %, followed by Tech Mahindra (2.67 %), Mahindra & Mahindra (1.98 %) and Asian Paints (1.98 %).

Gains in Reliance, TCS, Infosys, HCL Tech, HDFC and ICICI Bank also helped the barometer extend its rally for a second day.

Among losers, Power Grid dropped 1.75 % and NTPC by 1.35 %.

Asian shares were mostly higher ahead of Joe Biden’s inauguration as U.S. president. Australia’s S&P/ASX 200 rose 0.4 % and South Korea’s Kospi by 0.6 % while Hong Kong’s Hang Seng added 0.7 %.

Japanese market however dropped 0.4 % due to fresh COVID-19 concerns.

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