Sensex ends at 48,176, Nifty at 14,132 as markets close at record high

Mumbai: Equity benchmark indices continued their upward journey on Monday with the Sensex testing 48,000 mark amid positive development on the vaccination front.

Investor sentiment was lifted after the Drug Controller General of India approved Covid vaccines Covishield and Covaxin for emergency use in the country.

Moreover, IHS Markit said the manufacturing PMI remained in the expansion zone for fifth straight month and stood at 56.4 in December.

At the closing bell, the BSE S&P Sensex was up by 308 points or 0.64 per cent at 48,177 while the Nifty 50 edged higher by 114 points or 0.82 per cent to 14,133.

All sectoral indices at the National Stock Exchange were in the green zone with Nifty metal jumping by 5.3 per cent, IT by 2.7 per cent, auto by 1.6 per cent and PSU bank by 1.1 per cent.

Metal stocks were stars of the day with Tata Steel gaining by 8.3 per cent to Rs 696.90 per share while Hindalco and JSW Steel up by 7 per cent and 3.5 per cent respectively.

IT stock, too, advanced with Tata Consultancy Services moving up by 3.9 per cent and HCL Technologies by 2.9 per cent. The others, which gained were Eicher Motors, ONGC, GAIL, Bharat Petroleum Corporation and Grasim.

However, Hero MotoCorp skidded by 1.6 per cent, Kotak Mahindra Bank by 1.2 per cent, IndusInd Bank by 0.2 per cent, Asian Paints by 0.7 per cent and Titan by 0.6 per cent.

Meanwhile, Asian share markets resumed their ascent as investors pinned their hope on vaccines to eventually help revive the global economy.

South Korea climbed 2 per cent to a record led by the chip and auto sectors while Chinese blue chips added 0.3 per cent.

Japan's Nikkei shed early gains to fall 0.4 per cent after Prime Minister Yoshihide Suga confirmed the government is considering a state of emergency for Tokyo and three surrounding prefectures.