Sensex jumps 380 points on US stimulus package cheer

Mumbai: Equity benchmark indices closed at fresh lifetime highs on Monday amid positive global cues after US President Donald Trump signed into law a USD 2.3 trillion pandemic aid and spending package.

The BSE S&P Sensex wound up the day 380 points or 0.81 per cent higher at 47,354 while the Nifty 50 advanced by 124 points or 0.9 per cent to 13,873.

Except for Nifty pharma, which dipped marginally, all sectoral indices at the National Stock Exchange were in the green with Nifty PSU bank rising by 2.7 per cent, realty by 2.6 per cent, metal by 2.5 per cent and auto by 1 per cent.

Among stocks, Tata Motors jumped by 5.6 per cent to Rs 185.80 per share after the United Kingdom and European Union negotiators finalised a historic post-Brexit trade agreement. The EU so far has been a single market for the Tata Motors-owned Jaguar Land Rover but this is set to change after the UK’s exit from the European Union.

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Metal stocks too saw handsome gains with JSW Steel moving up by 5.8 per cent. The other major winners were State Bank of India, which advanced by 3.2 per cent, Titan by 3.1 per cent, HDFC Life and SBI Life by 3 per cent each and IndusInd Bank by 2 per cent.

NIIT Ltd closed 3.6 per cent higher at Rs 207.55 per share after the company said its board has approved an up to Rs 237 crore buyback proposal at Rs 240 per equity share.

However, those which lost were Hindustan Unilever, Britannia, Sun Pharma, Cipla and Dr Reddy’s.

Meanwhile, Asian shares ticked up as US President Donald Trump signed into law a USD 2.3 trillion pandemic aid and spending package he had until now refused to sign.

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Hong Kong’s Hang Seng was up by 0.16 per cent while South Korea’s Kospi surged by 1.7 per cent. But Japan’s Nikkei slipped by 0.04 per cent.

The rollouts of COVID-19 vaccines also bolstered hopes of more economic normalisation next year with Europe launching a mass vaccination drive on Sunday.

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