The benchmark Sensex continued its record-breaking spree on Monday breaching the 37,500-mark as strong gains in Bharti Airtel, ICICI Bank and State Bank of India helped the index register a new high for the fifth consecutive session.
The 30-share Sensex closed at 37,494.4, up 157.55 points, or 0.42%. Bharti led the gains, climbing 5.1% to ₹383.15 with investors betting that the firm’s margins may improve as a price war abates. The Nifty also scaled a new high to close 0.37% higher at 11,319.55.
Strong market breadth
While 17 of the 30 Sensex stocks gained ground, overall market breadth was also strong with more than 1,600 gainers against 1,057 declines. The indices gained ground even as there was an overall weak trend in global markets ahead of the meetings of the central banks of the U.S. and Japan scheduled later this week.
Meanwhile, foreign portfolio investors (FPIs), who have buying Indian shares in the last few trading sessions, have become net buyers at ₹2,409 crore in the current month after selling shares cumulatively worth more than ₹20,000 crore in the previous three months.