The equity benchmark Nifty 50 which opened at a record high today also settled at a lifetime high of 10,153.1 points on Monday. The 30-share barometer advanced 151 points to close at 32,423.76 points. The banking stocks benchmark of NSE — Nifty Bank — advanced over 1% to breach 25,000 point mark again on Monday with HDFC Bank and Yes Bank marking a fresh lifetime high. The broader Nifty 50 rose as much as 86 points to hit a fresh record high of 10,171.7 points while the benchmark Sensex gained 236 points to the day’s high of 32,508.06 points following the record closing on Wall Street on Friday.
“Markets continue to move up, the benchmark indices closed up 3/4th of a percent. Led by Bajaj Auto and Hindustan Unilever the inherent upward momentum continues. Globally international markets rallied in tandem aiding our up move and the DII (domestic institutional investors) numbers continue to look upbeat. We see the rally continuing over the longer term, we are advising caution in the near term while continuing to hold a bullish longer-term outlook,” said Nikhil Kamath, Co-Founder, and Head of Trading, Zerodha.
Shares of Bajaj Auto (up 3.57%), Hindustan Unilever (up 2.77%), L&T (up 2.09%), Coal India (up 1.89%), Cipla (up 1.7%), Dr Reddy (up 1.56%) were the major gainers on the benchmark Sensex. The value buying in the blue-chip shares such as Bharti Infratel, L&T, and HDFC Bank, HUL, and Vedanta fuelled markets to jump to new record highs. Shares of heavyweight companies such as Bajaj Auto, L&T, HDFC Bank, Hindustan Unilever, Kotak Mahindra Bank, and Axis Bank contributed the most to the Sensex gains. Collectively these six stocks alone added about 130 points out of 151 points rise in the 30-share indicator – Sensex. While, the stocks of ITC, State Bank of India, and ONGC capped the gains.
Nifty Bank gained 104 points to open at 24,948.15 points and within minutes of trading, it added 261 points to hit the day’s high of 25,105.35 points, which was left 93 points short of its all-time high of 25,198.8 points – as on 2 August 2017. Shares of IndusInd Bank (up 2.57%), Axis Bank (up 1.54%), Kotak Mahindra Bank (up 1.47%), and Federal Bank (up 1.26%) were the top gainers on the index. The stock of market cap leader HDFC Bank and India’s fifth-largest private sector lender Yes Bank advanced 0.83% to Rs 1,864.45 and 1.46% to Rs 1,872 to hit their respective lifetime highs.
The country’s forex reserves surged by USD 2.604 billion to reach an all-time high of USD 400.726 billion in the week ended 8 September on account of the rise in foreign currency assets, according to RBI data. In the previous week, the reserves had increased by USD 3.572 billion to USD 398.122 billion. The foreign currency assets (FCAs), a major component of the overall reserves, increased by USD 2.568 billion to USD 376.209 billion for the reporting week, according to data by the Reserve Bank of India (RBI).