Sensex crosses 60,000 mark on tech, bank stocks boost - GulfToday

Sensex crosses 60,000 mark on tech, bank stocks boost


The photo has been used for illustrative purpose.

India’s benchmark Sensex crossed the 60,000 level for the first time on Friday, driven by tech and private bank stocks, as analysts pointed to easing fears over economic damage from a possible third COVID-19 wave.

The blue-chip NSE Nifty 50 index rose 0.59% to 17,928.95 by 0502 GMT, after hitting a record high earlier in the session, while the benchmark S&P BSE Sensex was up 0.67% at 60,285.25.

Indian shares were headed for their fifth straight weekly gain, as analysts said a quick-moving vaccination campaign had diminished fears of a further hit to the economy due to the pandemic.

Concerns about the fallout from debt-ridden property developer China Evergrande were also somewhat mitigated, while a US Federal Reserve meeting did not throw up any surprises, said Narendra Solanki, head of equity research at Anand Rathi Investment Services.

In Mumbai trading, tech stocks jumped as much as 2.7% to a record high, with HCL Technologies rising over 3% to be among the biggest gainers on the Nifty 50. Upbeat outlooks from US peers Accenture and Salesforce helped bolster gains on Wall Street overnight.

Private banks were 0.4% higher, as HDFC Bank rose 1%, with the sub-index heading for its second straight weekly gain.

Real estate stocks jumped 1.6% to hit their highest level in nearly 11 years, with the sector on course to surge over 20% for the week.

Metal stocks fell 1.3% to snap three straight sessions of gains, while consumer goods receded 0.4% but were on track to gain more than 1% for the week.

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