Indian Equity Indices Reach New Highs as US Market Rally Influences Mumbai Bourses
Indian equity indices achieved all-time highs at the start of trading on Monday, buoyed by a strong rally in the US market. The Sensex and Nifty both set new records, reaching 82,725 and 25,333, respectively.
By 9:43 a.m., the Sensex had slightly moderated to 82,612, up by 246 points or 0.30 percent, while the Nifty stood at 25,313, reflecting a gain of 77 points or 0.31 percent.
Early trading saw midcap and smallcap stocks lagging behind their large-cap counterparts. The Nifty Midcap 100 index was down by 45 points or 0.08 percent, settling at 59,234, whereas the Nifty Smallcap 100 index was up by 19 points or 0.10 percent to 19,326.
Sector-wise, IT, financial services, FMCG, energy, private banks, consumption, and infrastructure sectors led the gains. Conversely, PSU banks, pharmaceuticals, metals, and public sector enterprises faced losses.
Market experts commented, “The market is experiencing a steady but mild uptrend, driven by the accumulation of quality large-cap stocks. The sentiment has improved significantly due to Foreign Institutional Investors (FIIs) turning buyers last week, driven by substantial bulk deals.”
They added, “A positive close today would mark a record for the Indian stock market, with the Nifty achieving a 13-day winning streak, which would be a strong positive sentiment indicator.”
Among the Sensex constituents, ITC, Asian Paints, HCL Tech, UltraTech Cement, Bajaj Finance, TCS, Infosys, Tech Mahindra, Maruti Suzuki, JSW Steel, Sun Pharma, and Nestle emerged as top gainers. On the other hand, Tata Motors, M&M, NTPC, Titan, and ICICI Bank were among the top losers.
Asian markets displayed a mixed performance, with Tokyo, Jakarta, and Seoul trading in the green, while Hong Kong and Shanghai saw declines. The US markets closed positively in the previous session.
Foreign Institutional Investors (FIIs) continued their buying spree, purchasing equities worth ₹5,316 crore on August 30, while Domestic Institutional Investors (DIIs) sold equities worth ₹3,198 crore on the same day.
