Nifty closes above 14K mark, PSU banks surge

Equity benchmark indices began the new calendar year with a positive tone as investors hoped for progress on Covid-19 vaccines globally amid signs of a nascent economic recovery in the country.

The BSE SandP Sensex closed 118 points or 0.25 per cent higher at 47,869 while the Nifty 50 edged higher by 37 points or 0.26 per cent to 14,019.

Among stocks, Adani Ports was the top gainer by moving up 4.4 per cent to Rs 505 per share.

Mahindra and Mahindra gained by 1.5 per cent to Rs 731.80 per share after called off talks with Ford for a joint venture.

Punjab National Bank advanced by 5.3 per cent, State Bank of India by 1.5 per cent, Tata Consultancy Services by 2.4 per cent and Tata Motors by 1.4 per cent.

However, those in the negative terrain were ICICI Bank, HDFC Bank, SBI Life, Bajaj Finance, Bajaj Finserv, Hindalco, Titan, NTPC and Hero MotoCorp.

Meanwhile, US markets ended higher a day earlier after the release of better-than-expected macroeconomic data and optimism on the Covid19 vaccine front.