Stock Market: Sensex Rises Over 100 Points; Nifty Around 21,000. FMCG, Realty Gain; Dr Reddy's Slips 6%

Stock update: On the 30-share Sensex platform, IndusInd Bank, UltraCemco, Kotak Bank, Tata Motors, HCLTech, Tata Steel were among the lead gainers

The two key equity benchmarks, Sensex and Nifty, on Monday opened higher, with the BSE Sensex crossed the historic 70,000 mark and the NSE Nifty50 quoted above 21,000, in early trade. At 9.55 am, the BSE Sensex was up 117 points to 69,942. On the other hand, the NSE Nifty50 was trading at 20,994, up 25 points.

On the 30-share Sensex platform, IndusInd Bank, UltraCemco, Kotak Bank, Tata Motors, HCLTech, Tata Steel were among the lead gainers. On the downside, Asian Paints, Axis Bank, Sun Pharma, Wipro, HUL, Bajaj Finserv emerged losers. Among specific stocks, Dr Reddy's sank 6 per cent on receiving Form 483 with 3 observations from the US FDA for its R&D unit in Hyderabad.

In the broader markets, the BSE MidCap index was up 0.3 per cent, while the SmallCap index jumped 0.6 per cent.

Sectorally, Nifty Pharma went down by 1 per cent. On the other hand, FMCG, Realty, and IT indices held firm gains.

In the previous session on Friday, the BSE Sensex settled at 69,825.60, climbing over 300 points. The NSE Nifty50 crossed the 21,000 mark to achieve a record high of 21,006.10, and closed marginally lower at 20,972.15.

V K Vijayakumar, chief investment strategist at Geojit Financial Services, said global and domestic cues favour continuation of the ongoing rally in the market despite high valuations. "FIIs turning buyers, strong DII inflows, exuberant retail investors and a thriving IPO market supported by strong economic fundamentals can sustain the rally in the short run ignoring the high valuations," he said.

Asian markets on Monday saw mixed trends as Japan's Nikkei 225 gained while Hong Kong's Hang Seng fell more than 2 per cent. US and European stocks had ended in the green on Friday.

Foreign Portfolio Investors (FPIs) have turned bullish, investing Rs 26,505 crore into the domestic equities in the first six trading sessions of December.

Meanwhile, the Indian rupee appreciated 3 paise to 83.37 against the US dollar in early trade on Monday, amid sustained inflow of foreign funds and bullish sentiment in the domestic equity market. An upward movement in crude oil prices, however, weighed on the Indian currency, according to forex traders.

At the interbank foreign exchange market, the local unit opened at 83.39 against the dollar and rose to 83.37, up 3 paise from its previous close. On Friday, the rupee depreciated 4 paise to close at 83.40 against the US dollar.