New Delhi: Both Indian indices- Sensex And Nifty- touched new all-time high on Monday Reliance IndustriesA heavyweight in the index, as the company prepared to spin off its financial services unit. HDFC The financial sector was also boosted by the bank after reporting strong June quarter results.
The benchmark index BSE Sensex closed at a new all-time high of 66,589.93, up 529.03 points or 0.80%. During the day, it reached a peak of 66,656.20 with a gain of 595.31 points i.e. 0.90%.
Similarly, NSE smelly climbed 146.95 points, or 0.75%, to a new record high of 19,711.45. It also hit an intraday high of 19,731.85, up 167.35 points or 0.85%.
Eleven of the thirteen major sectoral indices posted gains, with financials, a high-weighting sector, leading the way with a 1.25% increase. HDFC Bank, which is the biggest stock in Nifty 50 after its merger with HDFC, saw a rise of over 2% in response to better June quarter profit.
Reliance Industries also climbed 2%. Analysts expect further gains for the group due to the demerger of its financial services unit, effective July 20.
The market rally spread to the broader markets, with small-cap and mid-cap stocks hitting new 52-week and all-time highs, respectively.
Vinod Nair, head of research at Geojit Financial Services, told PTI, “Despite a mixed performance in Asian markets on weak GDP data from China, Indian markets showed resilience on hopes of a bumper Q1 result.”
G Chokkalingam, managing director of research at Equinomics Research, expressed high optimism for domestic equities, citing strong foreign inflows and easing US inflation as contributing factors.
Foreign portfolio investors bought Indian equities worth Rs 306.60 billion in the first half of July, and they are on track to increase their purchases for the fifth month in a row.
However, Asian and European stock markets remained soft following China’s lower-than-expected GDP growth for the June quarter.
Among individual stock movements, Zee Entertainment rallied over 6% and contributed to a 3.15% rise in the Media index. An interim committee has been set up to oversee operations after the market regulator barred CEO Punit Goenka from holding key managerial positions in listed companies for one year.
Oil and Natural Gas Corporation experienced a drop of nearly 2% after the government raised an unexpected tax on petroleum crude over the weekend.
(with inputs from agencies)
The benchmark index BSE Sensex closed at a new all-time high of 66,589.93, up 529.03 points or 0.80%. During the day, it reached a peak of 66,656.20 with a gain of 595.31 points i.e. 0.90%.
Similarly, NSE smelly climbed 146.95 points, or 0.75%, to a new record high of 19,711.45. It also hit an intraday high of 19,731.85, up 167.35 points or 0.85%.
Eleven of the thirteen major sectoral indices posted gains, with financials, a high-weighting sector, leading the way with a 1.25% increase. HDFC Bank, which is the biggest stock in Nifty 50 after its merger with HDFC, saw a rise of over 2% in response to better June quarter profit.
Reliance Industries also climbed 2%. Analysts expect further gains for the group due to the demerger of its financial services unit, effective July 20.
The market rally spread to the broader markets, with small-cap and mid-cap stocks hitting new 52-week and all-time highs, respectively.
Vinod Nair, head of research at Geojit Financial Services, told PTI, “Despite a mixed performance in Asian markets on weak GDP data from China, Indian markets showed resilience on hopes of a bumper Q1 result.”
G Chokkalingam, managing director of research at Equinomics Research, expressed high optimism for domestic equities, citing strong foreign inflows and easing US inflation as contributing factors.
Foreign portfolio investors bought Indian equities worth Rs 306.60 billion in the first half of July, and they are on track to increase their purchases for the fifth month in a row.
However, Asian and European stock markets remained soft following China’s lower-than-expected GDP growth for the June quarter.
Among individual stock movements, Zee Entertainment rallied over 6% and contributed to a 3.15% rise in the Media index. An interim committee has been set up to oversee operations after the market regulator barred CEO Punit Goenka from holding key managerial positions in listed companies for one year.
Oil and Natural Gas Corporation experienced a drop of nearly 2% after the government raised an unexpected tax on petroleum crude over the weekend.
(with inputs from agencies)