Markets Climb In Early Trade; Sensex Reaches 77k

Benchmark equity indices reached all-time highs in early trade on Monday, with the Sensex surpassing 77,000 for the first time in history and climbing for the fourth day in a row.

Optimism in the markets stems from a number of causes, including the Reserve Bank of India’s (RBI) revision of the GDP growth prediction to 7.2 percent for 2024-25, up from 7.1 percent previously, and fresh foreign money inflows.

In early trading, the 30-share BSE Sensex surged 385.68 points to 77,079.04, a new record high. The NSE Nifty gained 121.75 points to reach a lifetime high of 23,411.90.

Later, around 10 O’clock, Sensex and Nifty were trading in the red, pulled down by global indications, after starting at record highs, boosted by optimistic cues from India’s new government formation.

The Sensex was down 234.39 points, or 0.31 percent, at 76,458.97, while the Nifty fell 43 points, or 0.18 percent, to 23,247.15.

The top gainers were Power Grid, Axis Bank, State Bank of India, Bajaj Finserv, Reliance Industries, and NTPC.

Among the laggards were Tech Mahindra, Infosys, Wipro, HCL Technologies, and Titan.

In Asian markets, Tokyo was up, while Seoul fell. Chinese, Hong Kong, Taiwanese, and Australian markets were closed on Monday for holidays.

The US stock market closed down on Friday.

Brent crude gained 0.31 percent to USD 79.87 per barrel.

According to data exchange, Foreign Institutional Investors (FIIs) bought equities worth Rs 4,391.02 crore on Friday.

On Friday, the Sensex climbed 1,618.85 points or 2.16 percent to 76,693.36, while the Nifty advanced 468.75 points or 2.05 percent to 23,290.15.