The BSE Sensex opened a few hours after the swearing-in of US President Joe Biden Thursday at a record 50,000-mark heralding a historic landmark in global markets. Healthy buying in auto and telecom stocks, coupled with a positive trend in the global markets supported the indices.
Around 9.20 a.m., it was trading at 50,014.71, higher by 222.59 points or 0.45 per cent from its previous close of 49,792.12. It opened at 50,096.57 and touched a fresh all-time high of 50,126.73 points.
The Nifty50 on the National Stock Exchange (NSE) also touched a new record high of 14,736.65 points. It was trading at 14,717.15, higher by 72.45 points or 0.49 per cent from its previous close. The top gainers on the Sensex were Bajaj Finance, Bajaj Finserv and HCL Technologies.
The rise in the shares of index-heavyweight Reliance Industries essentially lifted the Sensex as RIL shares were trading at Rs 2,077.50, higher by Rs 22.65 or 1.10 per cent from its previous close.
Meanwhile, Asian stocks rose to new record highs on Thursday, as investors expected more economic stimulus from newly inaugurated U.S. President Joe Biden to offset damage wreaked by the COVID-19 pandemic, reports Reuters.
Since many Republicans in the U.S. Congress have agreed to work with the new president on Biden's $1.9 trillion U.S. fiscal stimulus plan, shares closed on a record high closes on Wall Street overnight, with similar mood in Asian markets that U.S. stimulus will provide continued support for global assets.
MSCI's broadest index of Asia-Pacific shares outside Japan touched record highs and was last up 0.85%, while Chinese blue-chips added 1.2%, Australian shares climbed 0.69% and Hong Kong's Hang Seng breached the 30,000 level, rising 0.31%. Japan's Nikkei witnessed an increase of 0.72%, less than 1% off three-decade highs reached last week.
On Wall Street, the Dow Jones Industrial Average rose 0.83%, the S&P 500 gained 1.39% and the Nasdaq Composite added 1.97%, on Wednesdaay. On Thursday, e-mini futures for the S&P 500 reached new record high by 0.26%.
"The market is still taking a sanguine view to tighter regulatory/tax risks given the narrow Senate majority, while still expecting additional fiscal stimulus," Tapas Strickland, an economist at National Australia Bank, said in a note.
(With inputs from agencies)