NEW DELHI: Nifty 50 on Monday hit an all-time high of 22,150.75 points in early morning trade, driven primarily by financials and energy stocks. BSE Sensex also surged by 0.34% to 72,679.55, just 800 points away from its all-time high.
Although the benchmarks initially opened 0.3% higher, they later dropped by 0.1% within the first hour of trading.
Siddhartha Khemka, head of retail research at Motilal Oswal Financial Services, said that the domestic equities have remained resilient despite diminishing hopes of an early US rate cut. This resilience can be linked to strong macroeconomic fundamentals and consistent domestic inflows.
Khemka also highlighted the positive impact of quarterly results, stable earnings in energy companies, and the interest in public sector banks due to favorable valuations.
Out of the 13 major sectors, 11 recorded gains. The financial sector witnessed a 0.6% increase, while public sector banks increased by 0.5%. Energy stocks also rose by 0.4%. Tata Power Company experienced a 2% rise after receiving a letter of intent for a power project acquisition worth 8.38 billion rupees ($101 million).
ITC which fell by 14.2% in the past four weeks, surged by 1.5%. Information technology stocks declined by 0.3% whereas small and mid-cap stocks increased by 0.6%.
Although the benchmarks initially opened 0.3% higher, they later dropped by 0.1% within the first hour of trading.
Siddhartha Khemka, head of retail research at Motilal Oswal Financial Services, said that the domestic equities have remained resilient despite diminishing hopes of an early US rate cut. This resilience can be linked to strong macroeconomic fundamentals and consistent domestic inflows.
Khemka also highlighted the positive impact of quarterly results, stable earnings in energy companies, and the interest in public sector banks due to favorable valuations.
Out of the 13 major sectors, 11 recorded gains. The financial sector witnessed a 0.6% increase, while public sector banks increased by 0.5%. Energy stocks also rose by 0.4%. Tata Power Company experienced a 2% rise after receiving a letter of intent for a power project acquisition worth 8.38 billion rupees ($101 million).
ITC which fell by 14.2% in the past four weeks, surged by 1.5%. Information technology stocks declined by 0.3% whereas small and mid-cap stocks increased by 0.6%.
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