According to provisional data from the exchanges, FIIs net-bought Rs 252.52 crore worth of stocks while DIIs bought Rs 1,117.24 crore worth equities on Monday
Bulls are on a rampage. Benchmark indices hit biggest single-day highs in nearly five months on Monday as resolution of bad loans in power sector charged up banking and power stocks and US Federal Reserve's rate stance buoyed overall sentiment.
BSE Sensex rose 442.31 points, or 1.16%, to touch a fresh high of 38694.11 while Nifty spurted 134.85 points, or 1.17% to close at 11,691.95. Intra-day, Sensex touched a record high of 38736.88 while Nifty hit 11700.95.
Rahul Shah, VP- equity advisory group, Motilal Oswal Securities, said, "The rally is going to be sustainable with large-caps outperforming. Globally, all markets were up and we saw buying across all sectors including mid-caps and small-caps. FMCG stocks have also added to the rally with most stocks near to 52-week high. I think along with large-caps, focus will now be on mid-caps and small-caps. Stocks such as Tata Steel, ICICI Bank, L&T Finance and Bharat Forge look interesting from the current levels."
On Friday, Federal Reserve chairman Jerome Powell said the US central bank will "gradually" hike rate to maintain full employment and price stability, triggering a rally in global stocks.
Out of 30 Sensex stocks, 29 finished in green with Power Grid Corporation (up 3.64%), ICICI Bank (2.97%), Bharti Airtel (2.67%), State Bank of India (2.65%) and Infosys (2.53%) being major gainers. Sun Pharma, however, was in red, declining 1.25% on profit-booking.
Out of 50 Nifty stocks, Dr Reddy's, Bajaj Finserv and Sun Pharma ended in red. The Nifty gainers were led by Hindalco Industries (3.65%), Bharti Airtel (3.51%), Power Grid Corporation (3.35%), Tech Mahindra (3.21%) and ICICI Bank (2.92%).
Abhijeet Dey, senior fund manager-equities, BNP Paribas Mutual Fund, said most of the sectoral indices registered sharp gains and strong FII buying additionally gave a further fillip to domestic investor sentiment, he said.
According to provisional data from the exchanges, foreign investors net-bought Rs 252.52 crore worth of stocks while domestic institutional investors bought Rs 1,117.24 crore worth equities on Monday.
Sector-wise, the BSE utilities index climbed 2.44%, followed by power index (2.37%), PSU (1.69%), banking (1.69%), IT (1.54%) and teck (1.54%).
V K Sharma, head private client group & capital market strategy, HDFC Securities, said the rupee weakened on Monday despite the decline in the dollar index as defence-related purchases perked up the dollar.
The Allahabad High Court's judgement that banks will have to follow the Reserve Bank of India's guidelines, which came after the market hours, may take some wind out of power companies that were expecting a special treatment, Sharma said.
Globally, Japan's Nikkei 225 closed at 10-week high as yen dipped, while Chinese shares traded at the highest level in two weeks, even though ongoing concerns are over its trade relation with the United States. European stocks also started off on a strong note as German business morale rises first time this year in August on signs of "truce in the trade conflict with the US".
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Out of 30 Sensex stocks, 29 finished in green with Power Grid Corporation (up 3.64%), ICICI Bank (2.97%), Bharti Airtel (2.67%), State Bank of India (2.65%) and Infosys (2.53%) being major gainers. Sun Pharma, however, was in red, declining 1.25% on profit-booking.
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