Mumbai: Sensex and Nifty, two key stock market indices, reached record high levels on Monday morning, following foreign investments and a surge in US markets. Equity markets have steadily been rising due to increasing optimism about a potential US rate cut and renewed investments from foreign funds.
During early trading, the 30-share BSE Sensex surged by 359.51 points to reach a new all-time high of 82,725.28. The NSE Nifty rose by 97.75 points, hitting a new record high of 25,333.65. The largest gainers among the 30 Sensex companies were Bajaj Finserv, HCL Tech, ITC, Tech Mahindra, Infosys, and Asian Paints. Tata Motors, Mahindra & Mahindra, NTPC and Bharti Airtel were among the companies that performed poorly.
Seoul was in positive territory in Asian markets, while Tokyo, Shanghai, and Hong Kong were trade. The markets in the US finished with gains on Friday. On Friday, exchange data showed that Foreign Institutional Investors (FIIs) purchased equities totaling Rs 5,318.14 crore.
The market is experiencing a gradual but slight upward trend due to the gathering of high-quality large-cap stocks. "FIIs became buyers last week mostly because of some significant bulk deals, which has also boosted market sentiment," V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, stated.
The worldwide oil benchmark Brent crude dropped by 0.82 percent to reach USD 76.30 per barrel. For the ninth consecutive day on Friday, the BSE index increased by 231.16 points or 0.28 percent, ending at a record closing high of 82,365.77. The NSE Nifty achieved its longest winning streak since 1996 by surging 83.95 points or 0.33%, reaching a new all-time closing high of 25,235.90, extending its winning run to the 12th consecutive day.
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