Mumbai: The Indian stock market triumphed at the opening as the Sensex and Nifty soared to new heights. Bharti Airtel, SBI, and M&M led the charge as top gainers in the BSE Benchmark.
The Sensex and Nifty, the pillars of the Indian stock market, demonstrated their strength by reaching a new all-time high of 84,862 and 25,911 in early trade, respectively.
At 9.46 a.m., Sensex was 259 points or 0.31 per cent at 84,803, and Nifty was 110 points or 0.43 per cent at 25,903.
Buying was also seen in midcap and smallcap stocks. The Nifty midcap was 305 points, or 0.51 percent, at 60,514, and the Nifty smallcap was 154 points, or 0.80 percent, at 19,486.
Among all the sectoral indices, Auto, PSU Bank, fin service, metal, realty, and oil & gas were the top contributors. IT and Pvt Bank were the top laggards.
The top gainers in the Sensex were Bharti Airtel, M&M, SBI, NTPC, Ultratech Cement, Tata Steel, Kotak Mahindra Bank, Maruti Suzuki, Titan, Nestle, Bajaj Finserv, and HUL. The top losers were ICICI Bank, Wipro, HCL Tech, Infosys, IndusInd Bank, and JSw Steel.
Choice Broking said, “Asian markets traded higher on Monday, buoyed by continued optimism surrounding recent interest rate cuts. The People’s Bank of China (PBOC) loosened monetary conditions by reducing its 14-day reverse repo rate. While this move provided a positive impetus, gains were tempered by the PBOC’s recent decision to maintain its benchmark loan prime rate.”
“Wall Street closed flat on Friday, hovering near the previous session’s record-high close for the Dow and S&P 500, while the dollar firmed as investors digested the Federal Reserve’s 50-basis-point cut midweek that started a rate-reducing cycle. Oil prices rose slightly in early trading on Monday, driven by worries that conflict in the Middle East could affect supply in this crucial production area, along with expectations that last week’s US interest rate cut will bolster demand,” the broking house said.
According to provisional figures, on September 20, foreign institutional investors (FIIs)/foreign portfolio investors (FPIs) bought shares worth a net of Rs 14,064.05 crore, and Domestic institutional investors sold shares worth a net of Rs 4,427.08 crore.
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–IANS
