Indian major stock market indexes hit fresh record high on Monday, following the upward trend set by Asian markets, buoyed by gains in financial and metal sectors.
Sensex Updates: S&P BSE Sensex rose 0.35 per cent to 75,671.07 levels while Nifty50 jumped 0.31 per cent to 23,027.40 levels.
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In the broader markets, Nifty Midcap surged to a new all time high of 52,811.65. Nifty SmallCap, meanwhile, rose nearly 1 per cent to 17,049.50 levels.
On BSE, IndusInd Bank, HDFC Bank were the top gainers while Wipro, Maruti were the top losers. Similarly, on NSE, Divi’s Labs was the top gainer while Adani Enterprises was the top laggard.
Sectorally, Nifty Realty led with 1.35 per cent gains, followed by PSU Bank and Healthcare.
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Market View by Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
As we move into the last week of trade before election results the market is near record highs. Sharp short covering in index futures and huge delivery based buying in frontline stocks like HDFC Bank have contributed to the strength of the market. Even though Nifty is near record highs, Bank Nifty is 2% away from its peak. This indicates the potential of frontline banking stocks to move up further.
Another positive for the market is that the FII selling which weighed on the markets this month has declined sharply and FIIs even turned big buyers on Thursday.
