Sensex and Nifty Hit New Peaks as Global Rally Boosts Markets

The Sensex and Nifty, which are equity market benchmark indices, reached new all-time high levels in early trade on Monday. This was due to a rally in global markets and fresh foreign fund inflows.

The 30-share BSE Sensex rose by 416.62 points, reaching a record peak of 81,749.34, while the NSE Nifty surged by 145.6 points, reaching a fresh lifetime peak of 24,980.45. NTPC, State Bank of India, IndusInd Bank, ICICI Bank, and UltraTech Cement were the top gainers in the Sensex pack, while Titan, Bharti Airtel, ITC, and Tech Mahindra were among the laggards.

In other parts of Asia, Seoul, Tokyo, Shanghai, and Hong Kong were doing well. The US markets also saw a rally on Friday, and Foreign Institutional Investors (FIIs) bought equities worth Rs 2,546.38 crore. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, stated that the undercurrent of the bull market has strengthened due to positive cues.

He mentioned that the expectations of a rate cut by the Fed in September, along with a soft landing scenario for the US economy, will provide global support to this bull market. Both FIIs and DIIs (Domestic Institutional Investors) turned buyers last Friday, resulting in a total buying of Rs 5,320 crore, which significantly boosted the market.

Additionally, global oil benchmark Brent crude rose to USD 81.41 a barrel. Finally, the BSE benchmark surged by 1,292.92 points or 1.62% to settle at 81,332.72 on Friday, while the NSE Nifty jumped by 428.75 points or 1.76% to settle at an all-time closing high of 24,834.85.