The Indian equity indices hit all-time high levels on Monday morning tracking positive global cues as Joe Biden, the Democrat candidate, has defeated incumbent US President Donald Trump in the 2020 presidential elections.
Sensex has touched an all-time high of 42,566.34 points and the Nifty50 on the National Stock Exchange touched its fresh high of 12,451.80 points. The last time Sensex hit an all-time high was on January 20 when Sensex hit 42,273.8 and Nifty hit 12,430.
At around 10.10 a.m., Sensex was trading at 42,512.25, higher by 619.19 points or 1.48 per cent from its previous close of 41,893.06.
It opened at 42,273.97 and has so far recorded an intra-day low of 42,273.97.
The Nifty50 was trading at 12,433.15, higher by 169.60 points or 1.38 per cent from its previous close.
The healthy buying across sectors was led by banking and finance stocks. Meanwhile, all sectoral indices on the Bombay Stock Exchange were trading in the green.
Infosys, ICICI Bank, HCL Tech were all about 2% up in early trade.
Manish Hathiramani, technical analyst with Deen Dayal Investments said: "The trend of the Nifty continues to remain strong with a fierce upside momentum. After crossing the hurdle of 11,900, there has been no looking back.
"A strong support lies at 12,100 and if the Nifty crosses 12,500 which is the weekly resistance level, we can expect it to climb towards 12,650."
With Biden set to become the next president of the United States of America, there is expectation of immigration laws to become more favourable than before as Biden plans to increase the number of H-1B visa and eliminate the limit on employment-based visas by country, both of which are expected to benefit tens of thousands of Indian professionals. Biden is also expected to reverse the move of revoking work permits to the H-4 visa holders who are spouses of H-1B visa holders.
As a result of these, which are set to benefit IT companies, IT stocks surged on Monday with Infosys trading 1.7% up at Rs 1132.25, HCL Tech opening about 2% higher.