Domestic stock markets continued a record-breaking spree on Monday, with the S&P BSE Sensex index trading above the 48,000 mark for the first time ever, tracking record highs in Asian equities as investors pinned their hope on vaccines to eventually deliver a global economic upturn. The Sensex opened 240.19 points, or 0.50 per cent, higher at an all-time high of 48,109.17, and the broader NSE Nifty 50 benchmark started the day at an all-time high of 14,104.35, rising 85.85 points, or 0.61 per cent, from its previous close.
Asian markets rose, with MSCI’s broadest index of Asia-Pacific shares outside Japan swinging 0.80 per cent higher to an all-time peak following a slow start.
The E-Mini S&P 500 futures were steady after also touching a record high. EUROSTOXX 50 futures were flat, while FTSE futures rose 0.40 per cent.
Investors are still counting on central banks to keep money cheap while coronavirus vaccines help revive the global economy over time, though much of that optimism is already priced in and the virus still spreading.
Japan’s Nikkei 225 benchmark shed early gains to fall 0.40 per cent after Prime Minister Yoshihide Suga confirmed the government was considering a state of emergency for Tokyo and three surrounding prefectures.
Investors are cautiously watching runoff elections in Georgia for two U.S. Senate seats on Tuesday that will determine which party controls the Senate.
If the Republicans win one or both, they will retain a slim majority in the chamber and can block President-elect Joe Biden’s legislative goals and judicial nominees.