Sensex hits record high of 37,805, Nifty breaches 11,400 level for first time
The Sensex and Nifty started the week on a strong note hitting their lifetime highs in early trade led by strong buying in consumer durables, PSU and banking counters amid firm Asian cues. While the Sensex hit a lifetime high of 37,805, the Nifty touched 11,427, its highest ever level breaching the 11,400 level for the first time in trade today.
The Nifty rose 67 points from its Friday record closing of 11,360 level. The Sensex rose up to 249 points in trade today.
Major gainers include ICICI Bank, SBI, Yes Bank, Vedanta, Tata Steel, Adani Ports, Bharti Airtel, Axis Bank, Tata Motors, Infosys, Coal India, Hero Motocorp, Tata Motors, ONGC, RIL, M&M, Sun Pharma, Bajaj Auto, NTPC, TCS, ITC, L&T and Power Grid, rising up to 2.59 per cent.
At 11:31 am, the Sensex was trading 222 points or 0.59 % higher at 37,778 level. The Nifty stood at 11,410, 0.44% or 50 points higher compared to its previous close.
Top Sensex gainers were Axis Bank (3.86%), ICICI Bank (3.08%) and SBI (2.34%).
Besides, fresh buying by domestic institutional investors (DIIs) and strengthening rupee also boosted investor sentiment.
The Sensex gained 391 points in the past session on Friday after the weather office said monsoon will be normal in August and September, boosting growth prospects of the rural economy.
Domestic institutional investors (DIIs) bought shares worth a net of Rs 87.08 crore, while foreign portfolio investors (FPIs) sold shares worth a net of Rs 5.87 crore on Friday, provisional data showed.
Traders said positive cues from other Asian markets and fresh buying by domestic institutional investors, influenced sentiments.
Market breadth was positive with 1,496 stocks trading higher compared with 874 falling on the BSE.
Asian stocks were mostly higher, despite a new Chinese threat of tariff hikes on U.S. goods, after Washington reported solid employment numbers.
Japan's Nikkei 225 added 9 points to 22,533.81 and Hong Kong's Hang Seng advanced 0.7 percent to 27,870.07.
The Shanghai Composite Index lost 1 percent to 2,713.58 while Seoul's Kospi added 0.2 percent to 2,292.96. Sydney S&P-ASX 200 gained 0.5 percent to 6,266.00 and India's Sensex was 0.5 percent higher at 37,788.60. Benchmarks in Taiwan and New Zealand and Southeast Asia gained while Bangkok and Manila declined.