Mumbai. The upward trend continued in the local stock markets on Monday and the BSE Sensex closed at a new record high with a gain of more than 145 points. Nifty also reached a new peak. According to traders, the market was bullish due to capital inflow from foreign institutional investors (FIIs) and buying in the shares of State Bank of India (SBI).
The 30-share BSE Sensex closed at a new record level of 80,664.86 points with a gain of 145.52 points or 0.18 percent. During trading, at one point it climbed up to 343.2 points to reach an all-time high of 80,862.54 points. The National Stock Exchange’s Nifty also closed at a new peak of 24,586.70 points with a gain of 84.55 points or 0.35 percent. During trading, it reached a new record level of 24,635.05 points with a gain of 132.9 points.
Among the Sensex stocks, State Bank of India rose the most by 2.55 percent. The bank’s stock rose after the announcement of an increase in the marginal cost based interest rate (MCLR) of the fund. Apart from this, NTPC, UltraTech Cement, Mahindra & Mahindra, Bajaj Finance, Tata Motors, Maruti and ITC were the major gainers. On the other hand, Asian Paints, Tata Steel, Axis Bank, JSW Steel, Tech Mahindra and Tata Consultancy Services are among the stocks that remained in loss.
Vinod Nair, Head of Research, Geojit Financial Services, said, “The domestic market is bullish with a positive outlook towards the budget. Apart from this, strong FII (foreign institutional investor) inflows and better than expected financial results of IT companies are also giving a boost to the market.” He said, “Also, the PSU index has strengthened with the initial results of public sector banks.” Among public sector banks, Indian Overseas Bank rose 7.35 percent. Canara Bank, Punjab National Bank, UCO Bank, Bank of Baroda and Union Bank also rose.
BSE Midcap, representing the shares of mid-sized companies, rose 0.95 percent while the Smallcap index related to small companies gained 0.21 percent. In other Asian markets, South Korea’s Kospi and China’s Shanghai Composite gained while Hong Kong’s Hang Seng was in loss. There was a downward trend during trading in major European markets. The US market remained in the positive zone on Friday.
According to stock market data, foreign institutional investors bought shares worth Rs 4,021.60 crore on Friday.
Global oil benchmark Brent crude rose 0.18 per cent to $85.15 per barrel. On Friday, the BSE Sensex rose 622 points to a record high of 80,519.34 and the NSE Nifty closed at a new peak of 24,502.15 with a gain of 186.20 points.