Unstoppable bull run! Sensex, Nifty hit fresh lifetime highs on strong global market cues
Asian counterparts, Indian blue-chip indices hit fresh record highs on Monday, driven by financial and metal stocks.
The BSE Sensex hit new lifetime high of 75,679 before trading 206 points or 0.27% higher, at 75,615. Meanwhile, the Nifty50 scaled new peak of 23,043 before trading 58 points or 0.25% higher at 23,015 as of 9:19 AM.
From the Sensex stocks, Tata Steel, Bharti Airtel, JSW Steel, NTPC, HDFC Bank and Kotak Bank opened higher, while Wipro, Maruti, M&M, Asian Paints, and Power Grid opened lower.
Meanwhile, Adani Ports shares surged 3% in early trade after BSE replaced Wipro with Adani Ports in the 30-member Sensex, effective June 24.
Divi's Laboratories shares surged over 5% after the pharmaceutical company reported a nearly 68% rise in March-quarter net profit.
Sector-wise, Nifty Realty opened 1.5% higher, led by Sobha, Lodha, and Godrej Properties. Meanwhile, Nifty Bank, Financial Services, FMCG, Metal Pharma, and Healthcare also surged. In the boarder market, Nifty Midacap100 rose 0.6%, and Nifty Smallcap100 gained 0.9%.
Experts Take
«Sharp short covering in index futures and huge delivery based buying in frontline stocks like HDFC Bank have contributed to the strength of the market. Another positive for the market is that the FII selling which weighed on the markets this month has declined sharply and FIIs even turned big buyers on Thursday,» said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
«The election related uncertainty may cause some volatility but is unlikely to
