02 September,2024 10:32 AM IST | Mumbai | mid-day online correspondent
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Benchmark equity indices Sensex and Nifty hit their fresh all-time high levels in early trade on Monday tracking foreign fund inflows and a rally in the US markets.
Equity markets have been continuously rallying amid the US rate cut hopes gathering momentum and renewed foreign fund inflows.
The 30-share BSE Sensex jumped 359.51 points to hit a new record peak of 82,725.28 during the early trade. The NSE Nifty climbed 97.75 points to reach a fresh all-time high of 25,333.65.
Among the 30 Sensex firms, Bajaj Finserv, HCL Tech, ITC, Tech Mahindra, Infosys and Asian Paints were the biggest gainers.
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Tata Motors, Mahindra & Mahindra, NTPC and Bharti Airtel were among the laggards. In Asian markets, Seoul traded in the positive territory while Tokyo, Shanghai and Hong Kong quoted lower.
The US markets ended higher on Friday.
Foreign Institutional Investors (FIIs) bought equities worth Rs 5,318.14 crore on Friday, according to exchange data.
"The market has entered a zone of steady but mild up-move caused by the accumulation of quality largecaps. FIIs turning buyers last week mainly due to some large bulk deals also has improved sentiments in the market," V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said while speaking about the stock market update.
While speaking about the stock market update, Ajay Bagga, Banking and Market Expert, told ANI, "September starts with the Fed rate cuts imminent and volatility expected around the event. For Indian markets, we expect a minor correction as 12 record-breaking days of continuous positive moves will see some profit-taking setting in. A gap up is expected today but at some point some selling is expected at these all-time high levels. We expect a flat to slightly lower market this week, mostly due to some reversion to mean after 12 record-breaking continuously positive moves."
Global oil benchmark Brent crude declined 0.82 per cent to USD 76.30 a barrel.
Rallying for the ninth straight session on Friday, the BSE benchmark climbed 231.16 points or 0.28 per cent to settle at an all-time closing high of 82,365.77.
In its best winning streak since its launch in 1996, the NSE Nifty soared 83.95 points or 0.33 per cent to hit a new lifetime closing high of 25,235.90, taking its victorious run to the 12th day in a row.
(With inputs from PTI and ANI)
