Sensex, Nifty observe world pattern, contact lifetime highs

Mumbai, February 8

Indian bourses Sensex and Nifty tracked a global trend to touched lifetime highs on Monday. 

Bombay Stock Exchange’s 30-share Sensex rallied 617.14 points on Monday to touch a new high of 51,348.77. Likewise, National Stock Exchange’s Nifty soared 191.55 points to 15,115.80, also a new record.

Ealy trade show index majors ICICI Bank, HDFC Bank and M&M tracking strong gains.

In the previous session, Sensex ended 117.34 points or 0.23 per cent higher at its fresh closing record of 50,731.63, and Nifty closed at its all-time high of 14,924.25, up 28.60 points or 0.19 per cent.

Foreign portfolio investors (FPIs) were net buyers in the capital market as they purchased shares worth Rs 1,461.71 crore on Friday, as per exchange data.

According to Binod Modi Head-Strategy at Reliance Securities, domestic equities continue to look good at the moment.

“High CAPEX and bold reforms announced in the Union Budget emboldened investors. It indicates that recent uptick in high-frequency key economic data and rebound in corporate earnings is likely to sustain in subsequent quarters.

“Additionally, RBI supporting the pro-growth strategy of government by maintaining liquidity at required levels and balancing bond yields bodes well,” he said.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Seoul and Tokyo were trading with significant gains.

Meanwhile, the global oil benchmark Brent crude was trading 0.55 per cent higher at USD 59.89 per barrel. PTI 

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