Sensex rallies over 600 points to hit record high; Nifty tops 15,100

MUMBAI: Equity benchmark Sensex rallied over 600 points to scale fresh lifetime high in early trade on Monday tracking strong gains in index majors ICICI Bank, HDFC Bank and M&M amid a positive trend in global markets.

The 30-share BSE index was trading 668.36 points or 1.32 per cent higher at its record intra-day peak of 1,399.99. Similarly, the broader NSE Nifty surged 192.55 points or 1.29 per cent to its lifetime high of 15,116.80.

Mahindra and Mahindra (M&M) was the top gainer in the Sensex pack, soaring around 10 per cent, followed by Axis Bank, ICICI Bank, IndusInd Bank, SBI and Bajaj Finance.

On the other hand, NTPC and Bajaj Auto were the laggards. In the previous session, Sensex ended 117.34 points or 0.23 per cent higher at its fresh closing record of 50,731.63, and Nifty closed at its all-time high of 14,924.25, up 28.60 points or 0.19 per cent.

Foreign portfolio investors (FPIs) were net buyers in the capital market as they purchased shares worth Rs 1,461.71 crore on Friday, as per exchange data.

According to Binod Modi Head-Strategy at Reliance Securities, domestic equities continue to look good at the moment.

"High CAPEX and bold reforms announced in the Union Budget emboldened investors. It indicates that recent uptick in high-frequency key economic data and rebound in corporate earnings is likely to sustain in subsequent quarters."

"Additionally, RBI supporting the pro-growth strategy of government by maintaining liquidity at required levels and balancing bond yields bodes well," he said, Elsewhere in Asia, bourses in Shanghai, Hong Kong, Seoul and Tokyo were trading with significant gains.

Meanwhile, the global oil benchmark Brent crude was trading 0.55 per cent higher at USD 59.89 per barrel.