Indian stock benchmarks soared to new record highs on Monday thanks to gains in Reliance Industries, Hindustan Unilever, Larsen & Toubro, Infosys, Axis Bank, ICICI Bank and Bharti Airtel. The Sensex rose a whopping 350 points to hit a record high of 58,480.20 and the Nifty 50 index hit a record high of 17,421.55. A strong trend in other Asian markets also boosted bullish sentiment among investors. Asian stocks rose higher on Monday after a disappointing US salary report promised to keep policy super-easy there for longer, but also clouded the outlook for global growth and inflation.
At 9:23 a.m. Sensex was up 282 points to 58,412 and the Nifty 50 index was up 83 points to 17,405.
A vacation in the United States provided lean conditions, keeping MSCI’s broadest index of Asia-Pacific stocks outside of Japan at a small gain of 0.2 percent, although that was the highest since late July.
Japan’s Nikkei added 1.7 percent, extending a rally in hopes a new prime minister would bring additional fiscal stimulus there.
Chinese blue chips gained 1.3 percent amid speculation Beijing would also boost through fiscal and monetary policy.
At home, buying was visible across the board as 17 of the 19 sector meters compiled by the BSE traded higher, led by the 2.5 percent gain of the S&P BSE Energy Index. Indices for capital goods, consumer durables, oil and gas, energy, real estate, industrials and luxury goods and services also rose between 0.5 and 1.2 percent.
On the downside, metal and select health care stocks witnessed slight selling pressure.
Mid- and small-cap stocks also witnessed buying interest, as the Nifty Midcap 100 Index rose 0.5 percent and the Nifty Smallcap 100 Index rose 0.64 percent.
Reliance Industries was top Nifty gainer, its share rose more than 3 percent to hit the record high of Rs 2,412 after its subsidiary Reliance Strategic Business Ventures acquired 2,28,42,654 shares of Rs 10 each of Strand Life Sciences Private Limited for a cash consideration of Rs 393 crore.
Grasim Industries, Eicher Motors, Bajaj Auto, Hindustan Unilever, Bajaj Auto, Hindustan Unilever, Bajaj Finserv, Bajaj Finance, Hindalco, HCL Tech, Axis Bank, Wipro, Hero MotoCorp and Mahindra & Mahindra also rose between 0.6-2 percent.
On the other hand, Tata Steel, Indian Oil, Asian Paints, JSW Steel, Power Grid, Tata Consultancy Services, Tata Consumer Products, Divi’s Labs, Nestle India, UPL and NTPC were among the losers.
Overall market size was extremely positive as 1,725 stocks rose while 926 fell on the BSE.