Buoyed By Global Events, India’s Markets Reach Record Highs
Buoyed By Global Events, India’s Markets Reach Record Highs
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KOLKATA, India Led by gains in IT and auto shares, and buoyed by global events, India’s S&P BSE Sensex reached an all-time high of 50,184.01 in early trading on Jan. 20. The Nifty 50 index also hit an all-time high of 14,666.50 points.
At the closing bell, Sensex was down 0.34 percent, and the Nifty 50 fell 0.37 percent.
The top gainers for most of the day were Bajaj Fiserv, up about 4 percent, followed by Bajaj Finance, Reliance Industries, IndusInd Bank and Axis Bank, according to market reports. Nifty Auto was up 2 percent, while Tata Motors gained around 6 percent.
The Sensex on Thursday scaled the 50000-level for the first time on hopes of an economic recovery and positive global cues but fell victim to profit booking to finish below the milestone.
However, the mood was one of caution as stretched valuations in some stocks raised the bar for corporate earnings which could turn out to be a double-edged sword.
Equity investors have benefited from strong inflows from foreign portfolio investors (FPIs) as central banks globally inject huge liquidity to kickstart their economy. So far in January, they have made investments worth Rs 22,730 crore in domestic equities. Their enthusiasm is expected to continue on optimism of fresh stimulus by the new Biden administration.
Buying Bitcoin is the most crowded trade; reminiscent of the 2018 crash
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From a low of $4,000 in mid-March last year, the price of the world s first cryptocurrency has risen by nearly 900%.
(Reuters)
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Buying Bitcoin is being viewed as the most crowded trade , according to the latest global fund manager survey published by BofA Securities. After Bitcoin s massive rally in recent months, it is hardly surprising that this cryptocurrency is fast regaining its lost glory. From a low of $4,000 in mid-March last year, the price of the world s first and most famous cryptocurrency has risen by nearly 900%. Currently, Bitcoin is trading at $34,750.