Sensex At 77,000; Nifty Above 23,400 For The First Time
Indian bourses opened in fortune on Monday morning, with BSE Sensex and Nifty50 benchmarks hitting record highs. The BSE Sensex climbed 387 points to 77,079 levels, while the Nifty50 was 0.39 per cent at 23,411 levels.
This rise is due to various factors such as the Reserve Bank of India (RBI) revising upwards the GDP growth projection to 7.2 per cent for 2024-25 from 7 per cent earlier and fresh foreign fund influx.
On Nifty 50 Cipla and Adani Ports were among the top five gainers while LTIMindtree was among the top losers.
Powergrid, NTPC, SBI, Tata Motors, Axis Bank and Ultratech Cement were the top gainers on Sensex, whereas TCS, Wipro, Infosys and Tech Mahindra were among the laggards.
Read also, Nifty, Sensex Hit Record Highs On IT Major’s Better Performances
Broader indices outperformed the benchmarks with the MidCap index rising 1.07 and the SmallCap index above 1.27 per cent.
Among indices, Nifty PSU Bank, Nifty Real, and Nifty Oil and Gas shot up by 2.13 per cent, 1.80 per cent and 1.14 per cent, respectively. On the contrary, Nifty IT was the only index trading in red down 1.04 per cent.
Read also, Closing Bell: Sensex Drops 220 Points In Volatile Trade; Nifty Below 22,900
Global Cues
The markets in the Asia-Pacific region showed a mixed trend on Monday following a solid US jobs report last Friday, which indicated an increase in hiring and wage hikes during May. This suggests that the Federal Reserve is not in a hurry to reduce interest rates.
Narendra Modi was sworn in as the prime minister on Sunday for a record-equalling third term. He is heading a 72-member Union Council of Ministers which emphasizes continuity, youth, and experience. The Council also rewards partners in the BJP-led National Democratic Alliance (NDA) government.
