Sensex jumps 199 pts to hit fresh record at 34,353, Nifty above 10,600
, ETMarkets.com|
Updated: Jan 08, 2018, 04.43 PM IST
The domestic equity market continued its superb form, as benchmark indices hit fresh record highs for a second day running on Monday, fuelled by bullish global cues and in anticipation of higher spending by the government to boost rural economy.
The BSE Sensex gained 198.94 points or 0.58 per cent to fresh all-time high of 34,352.79, while Nifty50 closed at 10,623.60, higher by 64.75 points or 0.61 per cent.
"While robust macroeconomic data from key economies has been driving optimism in global markets, the news has been good on local grounds as well. The Central Statistics Office on Friday stated that it estimates India's GDP to grow 6.5 per cent in FY18; the figure was in-line with market expectations. The sentiment also seems to be optimistic ahead of the earnings season," said Karthikraj Lakshmanan, Senior Fund Manager - Equities, BNP Paribas Mutual Fund.
Shares of IT and pharma companies were among the top gainers.
Infosys rose 2.29 per cent to Rs 1,035.05 ahead of its December quarter earnings on Friday. The Nifty IT pack surged 1.23 per cent to 11,776.
Nifty Pharma index was the biggest sectoral gainer on the day at 1.45 per cent, with shares of Cadila, Lupin and Sun Pharma among the top gainers.
Among broader market, shares of second-rung stocks overperformed Sensex and Nifty.
BSE Midcap index rose by 0.98 per cent to 18,247. Among top gainers were IDFC Bank (8.76 per cent), JSPL (7.19 per cent) and Indian Hotels (6.10 per cent).
BSE Smallcap index spiked 0.97 per cent to 19,895.77. Royal Orchid (19.99 per cent), EIH (19.53 per cent) and Phillips Carbon (19.50 per cent) were among the top gainers.
"Markets are currently riding on the optimism and the real test would begin with the earnings season. Also, the news flow regarding the upcoming Union Budget has already started causing ripples across the board. Having said that, the trend is still up and will remain so till Nifty holds above 10400; however, handling volatile swings on stock specific front won't be easy. In short, traders should prepare themselves for volatility markets," said Jayant Manglik, President, Religare Broking.
Global stock markets rose Monday following Wall Street's strong week as traders looked ahead to data releases from China, Japan and the Euro zone.
The BSE Sensex gained 198.94 points or 0.58 per cent to fresh all-time high of 34,352.79, while Nifty50 closed at 10,623.60, higher by 64.75 points or 0.61 per cent.
"While robust macroeconomic data from key economies has been driving optimism in global markets, the news has been good on local grounds as well. The Central Statistics Office on Friday stated that it estimates India's GDP to grow 6.5 per cent in FY18; the figure was in-line with market expectations. The sentiment also seems to be optimistic ahead of the earnings season," said Karthikraj Lakshmanan, Senior Fund Manager - Equities, BNP Paribas Mutual Fund.
Shares of IT and pharma companies were among the top gainers.
Infosys rose 2.29 per cent to Rs 1,035.05 ahead of its December quarter earnings on Friday. The Nifty IT pack surged 1.23 per cent to 11,776.
Nifty Pharma index was the biggest sectoral gainer on the day at 1.45 per cent, with shares of Cadila, Lupin and Sun Pharma among the top gainers.
Among broader market, shares of second-rung stocks overperformed Sensex and Nifty.
BSE Midcap index rose by 0.98 per cent to 18,247. Among top gainers were IDFC Bank (8.76 per cent), JSPL (7.19 per cent) and Indian Hotels (6.10 per cent).
BSE Smallcap index spiked 0.97 per cent to 19,895.77. Royal Orchid (19.99 per cent), EIH (19.53 per cent) and Phillips Carbon (19.50 per cent) were among the top gainers.
"Markets are currently riding on the optimism and the real test would begin with the earnings season. Also, the news flow regarding the upcoming Union Budget has already started causing ripples across the board. Having said that, the trend is still up and will remain so till Nifty holds above 10400; however, handling volatile swings on stock specific front won't be easy. In short, traders should prepare themselves for volatility markets," said Jayant Manglik, President, Religare Broking.
Global stock markets rose Monday following Wall Street's strong week as traders looked ahead to data releases from China, Japan and the Euro zone.
