Healthy foreign fund inflows in the back of positive global cues lifted the key Indian equity indices during the mid-afternoon trade session on Monday with the BSE Sensex rising over 300 points.
Accordingly, the S&P BSE Sensex crossed the 47,300 points mark for the first time due to the healthy buying witnessed during the Monday's trade session.
Global cues, especially the Presidential ascent given for the US stimulus, was cited as the positive trigger by analysts.
Among sectors, except some loss in Pharma index; all other sectoral indices traded in the green.
The rally was led by strong gains in realty and all the banking sector stocks.
Around 1.45 p.m., Sensex traded at 47,308.10, higher by 334.56 points or 0.71 per cent from its previous close.
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The Nifty50 on the National Stock Exchange (NSE) traded at 13,852.95, higher by 103.70 points or 0.75 per cent from its previous close.
"After a gap up opening, the index sustained at higher levels but is currently moving in a range of 50 points. Market breadth is also strongly in favour of advancing counters," said Jay Purohit, Technical & Derivatives Analyst, Motilal Oswal Financial Services.
"FIIs continue their holiday shopping and have relentlessly bought more than Rs 41,000 crore worth equities in December. The continuous buying, barring one negative day has supported the index at higher zones."
According to Gaurav Garg, Head of Research at CapitalVia Global Research:
"The market is still on the positive sentiments due to the positive news on the Brexit deal and the roll-out of the vaccines is also keeping the market sentiments high and positive."
"Another factor that adds to the positivity in the market was the $900 billion stimulus. All major sectoral indices were trading in green where Tata Motors and SBI Life were the top contributors in Nifty while FMCG shares like Hindustan Unilever and Britannia were the top looser."