No Monday Blues! Nifty50 hits fresh record high, Sensex surges 500 points
Nifty50 hit a fresh record high of 22,530 as it rallied 0.80% while Sensex surged 500 points, up 0.70%.
Meanwhile, the market capitalisation of all listed companies on BSE surged by Rs 4.7 lakh crore to Rs 391.67 lakh crore.
Fed Chair Jerome Powell said on Friday that the latest inflation reading was in line with the central bank's expectations.
Tata Steel, JSW Steel, Kotak Bank, HDFC Bank and Infosys opened 1-2% higher and were the top Sensex gainers in early trade on Monday. Bajaj Finserv, L&T, HCL Tech and Tata Motors also opened with gains.
Hindustan Aeronautics rose 3.4% in early trade after the company signed a contract worth Rs 1,173 for the supply of gas turbines.
RVNL shares opened 5% higher after the company's joint venture with Salasar Techno Engineering emerged as the lowest bidder for a project worth $7.2 million from Energy Development Corporation.
On the sectoral front, Nifty Bank, Financial Services, Media, Realty, and Consumer Durables opened over 1% higher. Nifty Oil & Gas, IT, Healthcare, Pharma, and Auto also surged around 0.9%. In the broader market, Nifty Midcap100 surged 1.3%, and Nifty Smallcap100 rose 2%.
Experts Take
«The undertone of the market is bullish and there is momentum in the market. The market has been showing signs of consolidation but the spurt in Nifty by 322 points on the last 2 trading days indicates that the upward momentum can sustain,» said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
«There are reports of mutual funds introducing
