Mumbai: The bullish trend in the stock markets continued on Monday as well. The BSE Sensex closed at a record high by jumping 765 points while the NSE Nifty reached above 16,900. All-round buying amid a firm global trend led the market to gain momentum. According to traders, the rise in rupee against the US dollar also gave strength to the market.
The BSE Sensex, based on thirty shares, had reached 56,958.27 points at one time during trading. In the end, it closed at a new record level of 56,889.76 with a gain of 765.04 points or 1.36 percent.
Similarly, the National Stock Exchange’s Nifty jumped 225.85 points, or 1.35 per cent, to close at a record 16,931.05. At one point during trading, it had gone as high as 16,951.50 points. Nifty has closed at record highs in five of the last six trading sessions.
Bharti Airtel was the top gainer with a gain of 4.44 per cent in Sensex shares. The company’s board of directors has approved raising up to Rs 21,000 crore through rights issue. Due to this the company’s stock went up. Apart from this, Axis Bank, Tata Steel, Titan, Bajaj Finance, Maruti and State Bank of India were the main gainers. They gained up to 4.15 percent. On the other hand, only four stocks – Tech Mahindra, Nestle India, Infosys and TCS – fell up to 1.88 per cent.
Investors’ wealth increased by Rs 3.56 lakh crore in the stock market. The market capitalization of all the companies listed on BSE reached a record Rs 247.30 lakh crore. Vinod Modi, Head of Research, Reliance Securities said, “The domestic equity markets witnessed a strong rally coupled with a strong global trend. NSE’s Nifty was only a few points behind from crossing the 17,000 mark.
Modi said a sharp correction was seen in financial and metal stocks. Barring IT, most of the major indices remained in gains with good upside. Buying continued in the shares of medium and small companies. The recent fall in this segment has made the stock price attractive to investors.
Vinod Nair, Head of Research, Geojit Financial Services said, “The market opened on a strong note and benchmark indices remained bullish throughout the trade with a strong global trend.” “Global markets were supported by the accommodative remarks by the head of the Federal Reserve at the Jackson Hole symposium. This has allayed concerns about an immediate policy rate hike….”
Sector-wise BSE Telecom, Metals, Power, Basic Goods, Utility Services and Bank indices rose up to 3.53 per cent while IT stocks declined.
Indices related to BSE medium and small companies rose up to 1.72 per cent. Among other markets in Asia, Shanghai, Hong Kong, Tokyo and Seoul were among the gainers. In the major markets of Europe, there was a bullish trend in the afternoon trading. Meanwhile, international oil benchmark Brent crude fell 0.20 per cent to $71.56 per barrel. The rupee traded higher for the third consecutive trading session and closed 40 paise higher at 73.29 against the US dollar.(Agency)