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Sensex, Nifty end higher, investors await US stimulus details

By Reuters

  • 14 Jan 2021
Sensex, Nifty end higher, investors await US stimulus details
Credit: Reuters

Indian shares closed slightly higher on Thursday after mostly trading sideways, helped by gains in energy stocks, while investors waited for details of a major US stimulus package due later in the day.

The blue-chip NSE Nifty 50 index ended 0.2% higher at 14,595.60 and the benchmark S&P BSE Sensex also rose 0.2% to 49,584.16.

The Nifty energy index was the top index gainer, rising 1.4%.

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"We are seeing more of a balancing act in the markets right now. Some bank stocks are catching up and IT stocks, which had a good run, are seeing some profit taking," said Ajit Mishra, vice president, research at Religare Broking.

"We may see a bit of pause (in the rally)... Earnings is the next biggest trigger for the markets."

Infosys Ltd shares, which rose over 6% this week in the run-up to the company's results on Wednesday, fell 1.2%.

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Shares of Steel Authority of India fell 10% after India's largest state-owned steel maker said the Indian government has proposed to sell 10% stake in the company at a discount.

Shares of Hindustan Aeronautics Ltd jumped nearly 9.5%, a day after the government said it would buy 83 fighter aircraft from the company.

Also in focus for investors was a hefty COVID-19 relief package, costing "trillions of dollars" as promised by US President-elect Joe Biden, due to be unveiled later in the day.

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Indian markets have hit new record highs in the past few days, helped by continued foreign fund inflows and progress in COVID-19 vaccine developments. Foreign investors pumped more than $20 billion into Indian equities last year, according to Refinitiv Eikon data.

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