Indian markets are enthused with optimism and in today's trade have hit 59,000 levels for the first time on the Sensex, while Nifty has made a new high of 17644.6. Nifty Bank has made stellar gains of over 2 percent. The broader markets are also seeing traction and have hit fresh record high.
At the close, Sensex ended with gains of 418 points at 59,141, while Nifty ended with gains of 0.6% at 17629.
Sectorally the record rally is spurred by gains in the PSU Bank space of a massive over 5%, led by stocks such as IOB, Punjab and Sind Bank, Central Bank and PNB gaining between 8-11%. Meanwhile, SBI was also up as much as 4%.
The latest moratorium announced for the telcos, spurred debt-ridden Vodafone to see gains of close to 29%. Meanwhile, the relief package also led the telco index to new high.
Similar traction was also seen in the Auto space for which too the PLI scheme was cleared yesterday.
Owing to a record surged of 23% on the Sensex so far in the year 2021, the stock market of India has pipped that of France and now ranks as the sixth top stock market globally based on market cap.
Meanwhile, European indices also traded higher with gains of over 1 percent on the French CAC.
Experts do not recommend buying at this juncture as the markets have rallied substantially in a short span, but expect banking stocks to see further upside as they do not have participated in the rally so far.