The Indian Equity hit a record high on Monday with the Sensex crossing the 42,450-level on positive global cues after Democrat Joe Biden took to power in the US. At 10:30 am, the BSE Sensex touched 537 point higher, 42,432, while the NSE Nifty50 index opened at 12,414, up 150 points, or 1.24 percent in trade Gains in banking heavyweights lifted Bank Nifty more than 2 percent higher. Broader markets also propelled in the rally with Nifty Smallcap100 and Nifty Midcap100 indices up 1 percent each. All the sectors traded in the green led by Nifty Private Bank, IT, Pharma and Financial Services.

Divi’s Laboratories, ICICI Bank, Bharti Airtel, Axis Bank and Bharat Petroleum were the Nifty50 top gainers, while Cipla, Coal India, ITC, TCS and Dr. Reddys Lab  were the major laggards. Shares of Divi’s Laboratories advanced 5.8 percent after the company’s net profit in Q2FY21 rose 45.6 percent to Rs 519.6 crore from Rs 357 crore while revenue propelled 21 percent to Rs 1,749.3 crore from Rs 1,445.6 crore, on year on year basis.

Globally, shares surged, oil prices climbed and the dollar stayed weak on Monday as hopes of fewer regulatory changes and more monetary stimulus under US president-elect Joe Biden supported risk appetite.

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