NEW DELHI: Fuelled by festive season buying and successful testing of a Covid vaccine, the BSE Sensex and Nifty 50 surged to their lifetime highs on Saturday during the special one hour Muhurat trading session to mark the beginning of Samvat 2077.
BSE gained by 280.79 points or 0.65 per cent to close at 43,638 while the NSE 89.45 rose points, or 0.70 per cent to finish at its lifetime high of 12,780.25. The broader index had touched an intra-day record of 12,828.70 during the session.
The surge on Saturday’s special session came after a week of a bull run where dozens of listed stocks touched their 52-week high mark. “The BSE-30 Index gained 3.6 per cent in the week gone by. Market mood gained the further ground on news updates of successful testing of a Covid-19 vaccine, stable count of Covid cases in India, improvement in high-frequency indicators and better-than-expected second-quarter results.
Bajaj Finserv, Bajaj Finance and L&T were major gainers while Maruti Suzuki, Asian Paints and Nestle India were major losers in the BSE-30 Index in the current week,” said Sanjeev Zarbade, VP PCG Research, Kotak Securities.
He, however, advised investors to look for market corrections to buy with a long term view. “Foreign Portfolio Investors bought equities worth US$3.3 bn over the past five trading sessions while Domestic Institutional Investors sold US$1.9 bn worth of equities in the same period.
We would like to advise investors to look for market corrections to buy with a long term view.” S Hariharan, Head - Sales Trading, Emkay Global Financial Services said that as the combination of fiscal and monetary stimulus kicks in along with a broad re-opening of the economy, one can expect earnings growth in a coming couple of years to be robust.