The benchmark stock market indices -- Sensex and Nifty -- ended on a strong note on Monday, tracking cues in telecom, metal and auto stocks.
The benchmark stock market indices — Sensex and Nifty — ended on a strong note on Monday, tracking cues in telecom, metal and auto stocks. Sensex zoomed 529.82 points to hit a record closing high of 40,889.23, while Nifty rose 159.35 points to 12,073.75. During the day, the Sensex also hit a fresh intraday high of 40,931.71. Nifty surged to 12,084.50, less 20 points away from its all-time high of 12,103 hit in June 2019. Bharti Airtel was the top gainer in the Sensex pack, surging over 7.20 per cent, followed by Tata Steel 4.99 per cent, IndusInd Bank 3.49 per cent, Axis Bank 3.26 per cent and HDFC 2.57 per cent. ONGC plunged 2.17 per cent and Yes Bank shed 1.70 per cent. While 44 Nifty Stocks ended in the green, Bharti Infratel and Bharti Airtel were top gainers. Except media, all indices close higher with financials and telecom ending as top gainers.
The stock markets in Shanghai, Hong Kong, Seoul and Tokyo were trading up to 1.50 per cent higher. Nifty Bank is 230 points away from a record high, while the midcap index closed above 17,000 for the first time in the last 4 months. The stock market breadth favoured advances with the advance-decline ratio at 3:2. “PMI manufacturing and Q2GDP data (scheduled this week) are likely to provide direction to the markets. While globally increasing optimism for a favourable outcome of the US-China trade deal is likely to keep the sentiments positive in the short-term. Given that the markets are near an all-time high, some consolidation could be witnessed,” Ajit Mishra Vice President, Research, Religare Broking said.
Meanwhile, the rupee was flat against the US dollar at 71.71. The brent futures, the global oil benchmark, rose 0.11 per cent to $62.44 per barrel.