The equity benchmark indices started the week on a positive note with Sensex making a fresh lifetime high and Nifty closing above 11000 mark.
A strong rally in the banking and FMCG stocks after the Good and Services Tax (GST) Council slashed rates on a number of products led the 30-share index to hit the all-time closing high. Also, Asian markets mixed performance amid growing fears of trade and currency wars contributed to the rally.
Sensex opened at 36501.05 and gathered momentum to hit an all-time intra-day high of 36749.58. finally settling at 36718.60 soaring 222.23 points, or 0.61%. The barometer bettered previous intra-day high of 36747.87 hit on July 18 and also surpassed previous record closing of 36548.41 reached on July 12.
After rallying between 11018.50 and 11093.15, the broader Nifty ended at 11084.75 rising 74.55 points, or 0.68%. This was its highest closing since January 29 when it closed at 11130.40.
On Sensex pack, Vedanta was the most contributing stock surging 4.42%. Other stocks which stole the limelight were Adani Ports, ITC, Bharti Airtel and ICICI Bank, rising as much as 3.83%. On Nifty, 34 out of 50 stocks advanced while 16 declined. UPL, Vedanta, Bajaj Finserv, Adani Ports and ITC were the top gainers of the 50-share index surging as much as 15.52%.
“Stocks edged higher in early trade boosted by the government winning the no-confidence motion in the Lok Sabha on Friday. The market participants gave the equity markets a vote of confidence as well and took to buying equities on Monday,” Abhijeet Dey, senior fund manager, equities, BNP Paribas Mutual Fund, said.
The broader market also had a positive day as both the BSE Midcap and Smallcap gauges closed 1.29% and 0.93% higher, respectively.
Sectorally, except BSE Energy (-0.38%), all the 18 sectors closed in the green zone. BSE Telecom took the pole position among the sectors surging 2.47%. FMCG (2.29%), Basic Materials (2.16%), Realty (1.90%), Metal (1.62%) and Power (1.48%) were the other top gaining sectors. On NSE, Nifty IT was the only losing sector falling 0.12%, whereas Nifty FMCG topped the gainers list, rising 2.46%. Nifty PSU Banks (2.37%), Realty (1.71%) and Metal (1.52%) were the most rising sectors.
As per the provisional data, both the FIIs and DIIs bought shares worth Rs 259.37 crore and 124.82 crore, respectively, on Monday.
FRESH HIGHS
- Sensex bettered previous intra-day high of 36747.87 hit on July 18 and also surpassed previous record closing of 36548.41 reached on July 12
- This was the highest close for Nifty since January 29 when it closed at 11130.40
