The market opened on a strong note on Monday defying weak global cues with the two benchmark equity indexes, the Sensex and the Nifty, hitting fresh record highs.
After last week’s stellar performance, indexes advanced higher with the NSE Nifty 50 hitting the 11,300 mark for the first time helped by strong June quarterly results of index heavyweight such as Reliance Industries.
The Sensex opened 93 points higher at 37429.70, while the Nifty 50 started 21 points higher at 11,299.50. The Nifty Bank too opened at record high of 27733.70, rising by almost 100 points. Nifty MidCap surged over 53 points to 18834.60, while the BSE MidCap was also trading higher.
The big index gainers included banks, with PSU banks seeing an upbeat performance led by Bank of Baroda which surged by 7 percent. ICICI Bank was also trading more than 3 percent higher after June quarter results.
Other gainers included SBI, IndiaBulls Housing Finance, HCL Technologies. HPCL surged by up to 3.05 percent, while Reliance traded higher by 1.43 percent and was the top contributor to Nifty gains along with the ICICI Bank and the SBI (3.85 percent). In fact, both Reliance and ICICI Bank together account for 100 percent of Nifty gains.
BSE energy, bankex, metal, consumer durables, oil and gas were leading among sectoral indices, while healthcare, auto, teck and IT were trading in the negative zone.
The Indian rupee, however, opened weaker against the US dollar on Monday at 68.70, down by 5 paise against Friday's closing at 68.65.
The street will closely watch the June corporate earnings of companies like Tech Mahindra, Idea Cellular, Axis Bank, IndiGo among others today along with the trajectory of monetary policy meeting at the RBI as well as other central banks across the world.
Asian markets continued to trade weak with Japan’s Nikkei lower by nearly 0.6 percent. Hong Kong’s Hang Seng was down by 0.30 percent.
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