Markets at new all-time highs; rally on day 5 IG News

Mumbai: Benchmark indices closed at new life highs on Monday amid foreign fund inflows, fall in crude oil prices and buying in key index Reliance Industries.

Rising for the fifth day in a row, the 30-share BSE Sensex advanced 211.16 points, or 0.34 per cent, to close at 62,504.80, its fresh record high. During the day, it jumped 407.76 points, or 0.65 per cent, to its lifetime intra-day peak of 62,701.40.

The broader NSE Nifty ended 50 points, or 0.27 per cent, higher at 18,562.75, hitting its record high.

“Sentiment and flow are currently acting as a strong catalyst for the markets which have touched all-time highs. We are pleased to partner with the domestic Also looking at foreign investors as net buyers of equity.

In the Sensex pack, Reliance Industries was the top gainer, jumping 3.48 per cent, followed by Nestle, Asian Paints, Bajaj Finserv, Wipro, ICICI Bank and IndusInd Bank.

Tata Steel, HDFC Bank, Bharti Airtel, HDFC and Mahindra & Mahindra were among the laggards.

“Despite adverse global cues, the domestic market reversed its early losses to trade at record high. Following a fall in oil prices, oil and gas stocks led the rally on anticipation of margin gains, as ongoing protests in China fueled demand concerns. Going forward, global markets will depend on Powell’s speech on Wednesday, which is crucial to maintain momentum, as markets seem to have taken note of the lack of momentum in rate hikes,” Vinod Nair, Geojit Financial Services’ head of research said.

In the broader market, the BSE Smallcap gauge climbed 0.77 per cent and Midcap 0.72 per cent.

In sectoral indices, oil and gas advanced 1.49 per cent, power (1.44 per cent), auto (0.64 per cent), consumer discretionary (0.59 per cent), industrials (0.46 per cent) and FMCG (0.29 per cent).

Commodities, telecommunications, utilities, consumer durables, power and tech were the laggards.

In other Asian markets, Seoul, Tokyo, Shanghai and Hong Kong closed down.

Equity exchanges in Europe were trading in the negative zone in afternoon trade. Wall Street closed mostly lower on Friday.

International oil benchmark Brent crude was trading 3.11 per cent lower at $81.03 per barrel.

Foreign institutional investors (FIIs) bought shares worth Rs 935.88 crore on Monday, according to exchange data.

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