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Sensex, Nifty Post Fresh Record Highs As Market Extends Gains To 5th Day

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The Indian stock market ended on a high note on Tuesday, extending gains to a fifth straight session, as investors continued to pick up shares, on positive global cues.

Encouraging news on U.S. stimulus front and the latest update on post-Brexit trade deal between European Union and the U.K. helped keep sentiment upbeat.

The benchmark BSE Sensex and the National Stock Exchange's Nifty, both hit new all-time intraday and closing highs.

The Sensex, which soared more than 360 points to 47,714.55 in early trades, ended the day with a gain of 259.33 points or 0.55% at 47,613.08. The Nifty ended up 59.40 points or 0.43% at 13,932.63, after climbing to a high of 13,967.60.

Bank and information technology stocks were among the most impressive gainers in the session.

IndusInd Bank spurted 5.7%. Tech Mahindra, Axis Bank, ICICI Bank, HCL Technologies and HDFC gained 1.4 to 2.2%.

HDFC Bank, ITC, GAIL India, State Bank of India, Infosys, Bajaj Auto and Kotak Bank also closed on firm note.

Hindalco ended lower by about 2.1%. Nestle, Coal India, Tata Motors, NTPC, JSW Steel and Power Grid Corporation shed 1 to 1.7%, while Dr Reddy's Laboratories, HDFC Life, Reliance Industries and Cipla ended with moderate losses.

Nearly 300 stocks, including Wipro, Tech Mahindra, Tata Consultancy Services, HDFC and HCL Technologies, scaled new 52-week highs on Tuesday.

Although the key indices ended on a buoyant note, the market breadth was almost neutral. On BSE, 1553 stocks moved higher, while 1472 stocks declined. 163 stocks ended flat.

Reports that the U.S. House of Representatives have backed up President Donald Trump's proposal to increase the stimulus checks to $2,000 from $600 boosted investor sentiment further. The proposal will now go to the Republican-controlled Senate for a vote.

Earlier on Sunday, Trump had signed a $2.3 trillion government spending bill that includes approximately $900 billion in coronavirus relief funds. Trump had previously resisted signing the legislation, calling for $600 in direct payments to individuals to be increased to $2,000.

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