In early trade on Monday, the Sensex jumped 470 points to trade beyond the critical 60,000-point barrier due to cross-counter buying.
Beginning on a strong note, the 30-share benchmark reached an early high of 60,242 before moderating some gains. It was the last trading at 60,077.67, up 333.02 points or 0.56%. Similarly, the NSE Nifty was up 126.95 points, or 0.71%, at 17,939.65.
Also Read| Bitcoin news daily: Data and price analysis for January 10, 2022
The Sensex was predominantly driven by FMCG, auto, information technology, and banking stocks. The top gainers were ITC, Maruti, TCS, Kotak Bank, and ICICI Bank. Twenty-one Sensex members were trading in the green.
Also Read| Stock market midday report: Sensex up 311 points, Nifty around 17,900
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said, “The record-high inflation of 5 per cent in the Eurozone, following the inflation trends in the US, is emerging as a major challenge to central banks globally. There is now a clear possibility of three rate hikes by the Fed in 2022 with ECB and other leading central banks, including in emerging markets, shifting to tightening mode.” The appreciation in US 10-year yield to 1.76 per cent and strengthening US dollar is indicative of the headwinds to equity markets, he added.
Also Read| SBI Card declines after Goldman Sachs initiates ‘Sell’ call
He further said that the Q3 results starting this week from the IT majors and HDFC Bank are likely to set the trend for the crucial IT and banking segments.
Other Asian bourses were trading mixed ahead of US inflation data.
Also Read| TCS gains over 3% after buyback announcement
According to stock exchange statistics, foreign institutional investors (FIIs) were net purchasers in the capital market on Friday, purchasing shares worth Rs 496.27 crore.
Meanwhile, Brent crude, the international oil standard, increased 0.16% to USD 81.88 per barrel. Rupee jumps 18 paise to 74.16 against US dollar in early trade.