Benchmark indices hit new record high at open; Sensex crosses 31,600-mark

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Benchmark indices opened higher, with both Sensex and NIfty hitting their all-time high at open tracking positive cues to Asian stocks after Wall Street ended positive on Friday on better employment data. The broader Nifty50 index pared gains to trade flat soon after touching the new high.

INDIA BSE

Sensex rose as much as 242 point to hit the record high of 31,602, surpassing its previous milestone of 31,522 hit on June 22 while Nifty gained as much as 100 points to hit 9756, surpassing the last high of 9,709 hit on June 6

At 9:37 am, the S&P BSE Sensex was trading at 31,555, up 194 points, while the broader Nifty50 was ruling at 9,668, up 2 points.

In the broader market, the S&P BSE Midcap and the S&P BSE Smallcap were in line with the frontline indices up 0.5% and 0,6% respectively..

Buzzing Stocks

Bharti Airtel, TCS, Lupin, Sun Pharma gained the most on BSE Sensex while ITC, HUL and Asian Paints fell a tad  on the index.

IDFC falls1% after Shriram Group and the company on July 8 agreed to merge and create the largest retail-focused bank in the country.

Reliance Communications gained 5.5% after it presented a long-term debt reduction plan to lenders, which includes sale of real estate, under-sea cable assets and its DTH business.

Global Markets

Asian stocks rallied on Monday, lifted by Wall Street’s strong performance late last week, while the US dollar extended gains made after much stronger than expected June employment data.

MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 0.15% while Japan’s Nikkei rose 0.5%.

Australian stocks were up 0.4% and South Korea’s KOSPI added 0.2%.

On Friday, Wall Street closed higher after US jobs growth beat forecasts. However, a lag in wage increases led investors to bet wage data would limit the extent of the Federal Reserve’s hawkishness.

The Nasdaq led gains with a 1 percent jump, while the S&P 500 added 0.6% and the Dow Jones Industrial Average rose 0.4%.

Source : Business Standard