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![Sensex, Nifty Hit Record Highs On Strong December Quarter Earnings Sensex, Nifty Hit Record Highs On Strong December Quarter Earnings](https://c.ndtvimg.com/2020-02/nt3ob83g_marketssensex-budget-generic_625x300_01_February_20.jpg)
IndusInd Bank, HDFC Bank, HDFC, Kotak Bank and ICICI Bank are among the top gainers on the BSE
The BSE Sensex and NSE Nifty hit record highs in early trading on Monday in broad-based gains as strong corporate earnings in the December quarter raised hopes of a quick economic recovery. The BSE Sensex touched a record high of 52,110.74 and the NSE Nifty hit 15,314.30 in early trading. At 10:05 am, the BSE Sensex was trading at 51,996.95, higher by 449.95 points or 0.87 per cent and the NSE Nifty was at 15,278.10, up 115.80 points or 0.77 per cent.
Thirteen of 14 sectoral indexes were trading higher. Banking stocks led the gains, with the Nifty Bank index adding nearly 2 per cent. HDFC Bank and ICICI Bank were among the biggest boosts to the Nifty 50. On Friday, data showed that retail inflation stayed within the central bank’s target range for the second consecutive month in January.
The broader markets are however, under-performing their largecap peers, with the BSE Midcap index and BSE Smallcap index adding 0.4 per cent and 0.3 per cent respectively.
Asian shares advanced to record highs on Monday and oil rose to a more than one year peak as successful coronavirus vaccine rollouts globally raise hopes of a rapid economic recovery amid new fiscal aid from Washington.
Japan’s Nikkei climbed 1.3 per cent, despite data showing the country’s recovery from its worst postwar recession slowed in the fourth quarter. Australia’s benchmark index was up 1 per cent.
Meanwhile, oil prices rose to their highest in more than a year on Monday, after a Saudi-led coalition fighting in Yemen said it intercepted an explosive-laden drone fired by the Iran-aligned Houthi group, raising fears of fresh Middle East tensions.
Brent crude was up 66 cents, or 1.1 per cent, at $63.09 a barrel at 0004 GMT, after climbing to a session high of $63.44, the highest since Jan. 22, 2020.
Financial stocks are leading the rally, with IndusInd Bank, HDFC Bank, HDFC, Kotak Bank and ICICI Bank gaining 1.1 per cent to 2.2 per cent each on the BSE. Index heavyweights Infosys and Reliance Industries also headed higher by up to half a per cent each on the bourses.
On the other hand, ONGC, Tech Mahindra and M&M had shed around half a per cent eaach on the BSE.
The BSE market breadth is positive. Out of 2396 stocks traded on the BSE, there are 1349 advancing stocks as against 937 declines.
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