Mumbai: The benchmark equity indices surged to historic highs in early trading on Monday, as the Sensex breached the 77,000-mark for the first time ever, extending its rally for the fourth consecutive day.
Market optimism is underpinned by several factors, including the Reserve Bank of India (RBI) upwardly revising the GDP growth projection for 2024–25 to 7.2 per cent from the previous estimate of 7 per cent, alongside robust foreign fund inflows.
In early deals, the 30-share BSE Sensex soared by 385.68 points to reach a new record peak of 77,079.04. Concurrently, the NSE Nifty climbed 121.75 points to hit an all-time high of 23,411.90.
Prime Minister Narendra Modi was sworn in for a third consecutive term on Sunday, leading a 72-member Union Council of Ministers focused on continuity, youth, and experience, while also rewarding coalition partners within the BJP-led National Democratic Alliance (NDA) government.
Among the 30 Sensex constituents, Power Grid, Axis Bank, State Bank of India, Bajaj Finserv, Reliance Industries, and NTPC recorded significant gains, while Tech Mahindra, Infosys, Wipro, HCL Technologies, and Titan lagged behind.
Later in the session, the benchmarks experienced volatility and traded flat.
Foreign Institutional Investors (FIIs) infused Rs 4,391.02 crore into equities on Friday, according to exchange data.
In Asian markets, Tokyo advanced while Seoul retreated.
US markets concluded lower on Friday.
The global oil benchmark Brent crude edged up 0.31 per cent to USD 79.87 per barrel.
On Friday, the BSE benchmark closed at 76,693.36, marking an increase of 1,618.85 points or 2.16 per cent, while the Nifty settled at 23,290.15, up by 468.75 points or 2.05 per cent.
