The key Indian equity indices opened on a record high level on Monday with the BSE Sensex rising over 250 points.
However, the key index ceded some of its initial gains but maintained its northward progression.
Accordingly, the S&P BSE Sensex crossed the 47,300 points mark for the first time due to the healthy buying witnessed during the initial phase of Monday's trade.
Global cues, especially the Presidential ascent given for the US stimulus, was cited as the positive trigger by analysts.
Among sectors, banking, metal, oil and gas stocks led the across-the-board surge.
Around 10.30 a.m., Sensex was trading at 47,235.68, higher by 262.14 points or 0.56 per cent from its previous close.
The Nifty50 on the National Stock Exchange (NSE) was trading at 13,837.45, higher by 88.20 points or 0.64 per cent from its previous close.
"Indian markets opened up in the last week of 2020 buoyed by encouraging news from the US (President Trump signing the stimulus bill) and uppish global markets," said Deepak Jasani, Head of Retail Research at HDFC Securities.
"Liquidity rush boosted by low or zero interest rates abroad is boosting stock markets across the globe. Absence of negative triggers is resulting in the current upward momentum being continued."
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According to V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services: "The market appears to be back on 'Buy on dips mode' aided by sustained FII buying. An important trend is the increasing strength of financials, particularly private sector banking stocks."