Sensex, Nifty scale lifetime highs; Biden win sparks global rally

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Indian benchmark indices surged to record highs on Monday, mirroring a rally in global markets as investors wagered on improved trade relations and more fiscal stimulus under a Joe Biden presidency in the US.  Rising for the sixth straight session, the BSE Sensex vaulted 704.37 points or 1.68 per cent to close at its lifetime peak of 42,597.43. Intra-day, it touched its all-time high level of 42,645.33.

The previous closing record for the Sensex was 41,952.63, hit on January 14, 2020. Similarly, the broader NSE Nifty climbed 197.50 points or 1.61 per cent to finish at its all-time high of 12,461.05. It hit its record level of 12,474.05 during the day. IndusInd Bank was the top gainer in the Sensex pack, spurting 4.95 per cent, followed by Bharti Airtel, ICICI Bank, Axis Bank, PowerGrid, Tata Steel, Titan and HDFC Bank. World markets marched higher after Biden was declared the winner in the tightly-contested US election, though President Donald Trump has yet to concede the race.