Sensex Hits Record High, Bharti Airtel and SBI Lead Gains
Indian stock indices hit an all-time high on Monday, buoyed by strong performances from major players like Bharti Airtel, State Bank of India (SBI), and Mahindra & Mahindra (M&M).
In early trading, the Sensex and Nifty marked new records, reaching 84,862 and 25,911, respectively. As of 9:46 a.m., the Sensex stood at 84,803, up 259 points (0.31%), while the Nifty rose 110 points (0.43%) to 25,903.
Midcap and smallcap stocks also saw significant buying, with the Nifty midcap index climbing 305 points (0.51%) to 60,514, and the Nifty smallcap index gaining 154 points (0.80%) to 19,486.
Sector-wise, the Auto, PSU Bank, financial services, metal, realty, and oil & gas sectors were the top contributors, while IT and private banking sectors lagged behind.
Among the top gainers in the Sensex were Bharti Airtel, M&M, SBI, NTPC, Ultratech Cement, Tata Steel, Kotak Mahindra Bank, Maruti Suzuki, Titan, Nestle, Bajaj Finserv, and Hindustan Unilever. Conversely, ICICI Bank, Wipro, HCL Tech, Infosys, IndusInd Bank, and JSW Steel experienced the largest declines.
Choice Broking noted that Asian markets were higher on Monday, driven by optimism following recent interest rate cuts, including the People’s Bank of China’s reduction of its 14-day reverse repo rate. However, gains were moderated by the bank’s decision to maintain its benchmark loan prime rate.
In the U.S., markets closed flat on Friday, remaining close to previous record highs for the Dow and S&P 500, while the dollar strengthened amid reactions to the Federal Reserve’s recent 50-basis-point rate cut.
Provisional figures indicate that Foreign Institutional Investors (FIIs) purchased shares worth a net of ₹14,064.05 crore, while Domestic Institutional Investors (DIIs) sold shares worth ₹4,427.08 crore on September 20.
