Sensex crosses 49,000 mark, IT and FMCG stocks rally

Equity benchmark indices were buoyant during early hours on Monday on the back of strong global cues and optimism on the corporate earnings season.

At 10:15 am, the BSE S&P Sensex was up by 363 points or 0.74 per cent at 49,146 while the Nifty 50 edged higher by 97 points or 0.68 per cent to 14,445.

Except for Nifty metal and PSU bank, all sectoral indices at the National Stock Exchange were in the green with Nifty IT gaining by 1.6 per cent, FMCG by 1.5 per cent and realty by 0.9 per cent.

Among stocks, Infosys climbed up by 3.4 per cent at Rs 1,357 per share while HCL Technologies gained by 2.8 per cent to Rs 1,023 and Wipro by 1.8 per cent to Rs 438.10.

Tata Motors was up by 2.9 per cent, ITC by 2 per cent and Hindustan Lever by 1.9 per cent. The other major gainers were Bharti Airtel, HDFC Bank, HDFC Life and HDFC.

However, metal stocks fell with Hindalco losing by 2.45 per cent, Tata Steel by 2.1 per cent and JSW Steel by 1.2 per cent.

Meanwhile, Asian shares took a breather as ‘trillions’ in new US fiscal stimulus plans were set to be unveiled this week, stoking a global reflation trade.

MSCI’s broadest index of Asia Pacific shares outside Japan dipped by 0.2 per cent after surging 5 per cent last week to record highs.

Japan’s Nikkei was on holiday after closing at a 30-year high on Friday and South Korea went flat after an early jump.

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