Sensex, Nifty end at all-time high on financials boost

FILE PHOTO: A man walks out of the Bombay Stock Exchange (BSE) building in Mumbai, India, January 3 2020. REUTERS/Francis Mascarenhas/File Photo

BENGALURU (Reuters) – Indian shares closed at a record high on Tuesday, rising for a fifth straight session, as financial stocks advanced and global investor sentiment remained upbeat on hopes that a $2.3 trillion U.S. stimulus will be approved by the Senate.

The Nifty ended up 0.43% at 13,932.60, while the benchmark Sensex rose 0.55% to 47,613.08.

Banking, which is among the few sectors still down this year, has been catching up with the broader market’s advance as foreign investors bet that a rebound in economic activity will benefit lenders.

The Nifty Bank index closed 1.23% higher, with HDFC Bank Ltd, the nation’s largest private-sector lender, added over 1%, rising for a fifth straight session.

Lender IndusInd Bank Ltd was the top percentage gainer on the Nifty, settling nearly 6% higher.

Bucking the trend, Reliance Industries Ltd, India’s most valuable company, ended a three-session rally to finish 0.8% lower and was the biggest drag to the main indexes.

Metal and energy stocks also lost ground, with the Nifty Energy index falling 0.62% and the Nifty Metal index closing 1.09% lower.

Meanwhile, hopes that the U.S. pandemic relief package which includes $2,000 in relief cheques proposed by President Donald Trump will be approved by the Senate, helped investor sentiment globally, sending broader Asian shares higher. [MKTS/GLOB]

Separately, India reported six cases of the new, more infectious variant of the coronavirus, all from people who had returned from Britain. However, the daily rise in overall infections in India has been slowing.

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