Stock market: Benchmark equity indices hit record highs in early trade on Monday, with the Sensex breaching the 77,000 mark for the first time, rallying for the fourth day in a row. Optimism in the markets is due to various factors, such as the Reserve Bank of India (RBI) revising its GDP growth projection upwards to 7.2 percent for 2024-25 from 7 percent earlier and fresh foreign fund inflows.
The 30-share BSE Sensex jumped 385.68 points to hit a new record high of 77,079.04 in early deals. The NSE Nifty rose 121.75 points to hit an all-time high of 23,411.90. Narendra Modi was sworn in as Prime Minister on Sunday for a record-equalling third term, presiding over a 72-member Union Cabinet that emphasized continuity, youth, and experience, while also rewarding partners in the Bharatiya Janata Party-led National Democratic Alliance (NDA). ) Government.
Among the 30 Sensex companies, State Bank of India, Power Grid, Axis Bank, Bajaj Finserv, Reliance Industries, and NTPC were the top gainers. Tech Mahindra, HCL Technologies, Infosys, Titan, and Wipro were among the laggards. Later, the indices faced volatile trends and traded flat.
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According to stock exchange data, foreign institutional investors bought shares worth Rs 4,391.02 crore on Friday. In Asian markets, Tokyo stock prices rose in the green zone while Seoul traded lower.
US markets ended lower on Friday. Brent crude, the global benchmark, rose 0.31 percent to $79.87 a barrel. The Bahrain Stock Exchange index closed at 76,693.36 points, up 1,618.85 points or 2.16 percent on Friday. The Nifty index closed with a jump of 468.75 points or 2.05 percent at 23,290.15 points.
(With PTI's Input)
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