Markets hit fresh all-time highs; rally for 5th day

Mumbai: Benchmark indices ended at fresh lifetime highs on Monday amid foreign fund inflows, a decline in crude oil prices and buying in index major Reliance Industries.

Rallying for the fifth day in a row, the 30-share BSE Sensex climbed 211.16 points or 0.34 percent to settle at 62,504.80, its fresh record closing high. During the day, it jumped 407.76 points or 0.65 percent to its lifetime intra-day peak of 62,701.40.

The broader NSE Nifty gained 50 points or 0.27 percent to end at 18,562.75, its record closing high.

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“Sentiment and flows currently are acting as a strong catalyst for the markets which touched an all-time high. We are seeing domestic as also foreign investors being net buyers of equity aiding the momentum,” said Lakshmi Iyer, CEO- Investment Advisory, Kotak Investment Advisors Limited.

Among the Sensex pack, Reliance Industries jumped the most by 3.48 percent, 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 unfavourable global cues, the domestic market reversed its early losses to trade at record highs. Following the decline in oil prices, oil & gas stocks led the rally in anticipation of margin gains, as ongoing protests in China fuelled demand concerns. Going ahead, global markets will depend on Powell’s speech on Wednesday, which is crucial in maintaining the momentum, as the market seems to have factored in a moderation in the pace of rate hike,” said Vinod Nair, Head of Research at Geojit Financial Services.

In the broader market, the BSE smallcap gauge climbed 0.77 percent and midcap jumped 0.72 percent.

Among sectoral indices, oil & gas climbed 1.49 percent, energy (1.44 percent), auto (0.64 percent), consumer discretionary (0.59 percent), industrials (0.46 percent) and FMCG (0.29 percent).

Commodities, telecommunication, utilities, consumer durables, power and teck were the laggards.

Elsewhere in Asia, markets in Seoul, Tokyo, Shanghai and Hong Kong ended lower.

Equity exchanges in Europe were trading in the negative territory in the afternoon trade. Wall Street had ended mostly lower on Friday.

International oil benchmark Brent crude was trading 3.11 percent lower at USD 81.03 per barrel.

Foreign Institutional Investors (FIIs) bought shares worth Rs 935.88 crore on Monday, as per exchange data.

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