Sensex and Nifty, the two key equity benchmark indices, ended at fresh lifetime highs on Monday amid foreign fund inflows, a decline in crude oil prices and buying in index major Reliance Industries.
Rallying for the fifth day in a row, the 30-share BSE Sensex climbed 211 points to settle at 62,505, its fresh record closing high. During the day, it jumped 407 points (0.65 per cent) to its lifetime intra-day peak of 62,701. The broader NSE Nifty gained 50 points to end at 18,563, its record closing high.
On the 30-share Sensex pack, Reliance Industries jumped the most by 3.48 per cent, followed by Nestle, Asian Paints, Bajaj Finserv, Wipro, ICICI Bank, and IndusInd Bank. On the flip side, Tata Steel, HDFC Bank, Bharti Airtel, HDFC and Mahindra & Mahindra were among the laggards.
On the Nifty, Hero Moto, BPCL, and SBI Life were the top winners, up to 3.5 per cent higher.
In the previous session on Friday, the Sensex had climbed 20.96 points (0.03 per cent) to settle at 62,293, its fresh record closing. The Nifty went up by 28.65 points (0.15 per cent) to end at 18,512, its all-time high.
Nifty has reached its all-time high, Sumit Chanda, founder and CEO of JARVIS Invest, shared his views with ABP Live on the same along with some sector and stock picks recommended by the JARVIS tool.
He said, "The general sentiment in the market has turned positive after inflation started moderating in the US. While the Fed has maintained their hawkish stance, they will not be hiking the rates as aggressively as they did in the past. Even locally the RBI has indicated that the inflation levels have been easing off which bodes well for us. We have seen the FPIs pumping in close to 32000 crs this month with more to follow. I continue to be cautiously positive at these levels since we are trading at expensive valuations. With the Russian oil price-cap coming into effect from 5th December, we should anticipate some supply shocks. This can have an impact on the markets. While we don't expect the inflation to go back up again but there will be short term uncertainties to deal with."
Elsewhere in Asia, markets in Seoul, Tokyo, Shanghai and Hong Kong ended lower. Equity exchanges in Europe were trading in the negative territory in the afternoon trade. Wall Street had ended mostly lower on Friday.
International oil benchmark Brent crude was trading 3.11 per cent lower at $81.03 per barrel.
Foreign Institutional Investors (FIIs) bought shares worth Rs 369.08 crore on Friday, as per exchange data.
Meanwhile, the rupee climbed 5 paise to close at 81.66 (provisional) against the US dollar on Monday as lower crude prices in and a firm trend in domestic equities boosted investor sentiment.
At the interbank foreign exchange market, the local unit opened weak at 81.81 and touched an intra-day high of 81.61 and a low of 81.83 against the greenback. The local unit finally settled at 81.66, registering a rise of 5 paise over its previous close of 81.71.