Equities continued their rally on Thursday with the Sensex crossing the 50,000-mark in intra-day trades, for the first time ever, but ending the session flat at 49,624.76. While the markets are expensive, expectations of earnings upgrades, following the faster-than-anticipated recovery in the economy, have prompted investors to add to risk.
Armed with liquidity, foreign portfolio investors (FPIs) continue to bet on Indian stocks having run up a bill of $2.7 billion in January alone, on the back of record purchases in the December quarter.
Results reported by companies for the three months to December, 2020 quarter have largely beaten Street estimates with IT companies turning in stellar numbers. A couple of consumer-oriented businesses too have turned in stronger-than-expected revenues for the quarter.
Meanwhile, Brent crude slipped 0.89% to $ 55.58 per barrel while the rupee added another 6 paise to settle at a near five-month high of 72.99 against the dollar.
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