Indian Indices Scale New Highs, Sensex Breaches 49000 Levels Even As Global Cues Remain Weak

Optimism over early roll out of vaccine in India and lesser number of Covid 19 cases as well as expectations of improved earnings, lifted market indices to new highs on Monday. At the open, Nifty breaches levels of 14428, while Sensex is above 49000 mark for the first time at 49088.

In early trade, top gainers on the Nifty on the first trading day to January 15, 2021 are gainers from the IT pack and Titan, while losers include Tata Steel, Axis Bank, Kotak Mahindra Bank.

Shares of TCS after reporting its Q3FY21 numbers with profit inching higher by 7% YoY gained. Also given the firm's competence and unmatched capabilities given the huge technology adoption is given a buy rating by brokerages with a target price of Rs. 3355 per share. At the pre-opening the stock hit a new high of Rs. 3230 per share.

Vedanta promoters have come with an open offer for up to 37.2 crore shares of the company at Rs. 160 per share, which amounts to 12% discount to current market price. The srip trades higher by

On Friday, FII were net buyers in Indian equities worth Rs. 6209 crore with sales at Rs. 7141 crore.

After scaling highs, oil prices again retreated lower on fresh lockdown in Europe and China as cases see a surge there. Brent crude oil futures fell 42 cents, or 0.8%, to $55.57 a barrel after earlier climbing to $56.39, its highest since Feb. 25, 2020.

Meanwhile, at the time of writing this copy, were trading with gains as US stimulus is likely to rolled out this week.

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