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Sensex Updates: 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. Nifty Bank and Nifty IT indices jumped over 1% each.
The S&P BSE Sensex hit the 76,000-mark, and was up nearly 600 points. The NSE Nifty50 quoted atop 23,100 levels.
In the broader market, the BSE MidCap index gained 0.6 per cent, while the SmallCap was up 0.1 per cent.
IndusInd Bank, HDFC Bank, Bajaj Finance, Axis Bank, Tech Mahindra and Larsen & Toubro were the top movers among the Sensex 30, while Wipro, NTPC and Maruti were the key laggards.
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.