Sensex soars over 400 points; Nifty crosses 16,800
Equity benchmark Sensex rallied over 400 points in early trade on Monday, tracking gains in index majors Reliance Industries, HDFC, and Bajaj Finance amid positive cues from global markets. After touching a lifetime high of 56,527.81 in the opening session, the 30-share index was trading 376.65 points or 0.67 percent higher at 56,501.37. Similarly, the broader NSE Nifty surged 100.95 points to 16,806.15.
Titan was the top gainer in the Sensex pack
Titan was the top gainer in the Sensex pack, rising over two percent, followed by Bajaj Finance, Tata Steel, M&M, Maruti, Reliance Industries, and HDFC. On the other hand, Tech Mahindra and HCL Tech were the laggards. In the previous session, the BSE index settled 0.31 percent higher at 56,124.72, and Nifty gained 68.30 points or 0.41 percent to finish at a record 16,705.20.
FIIs offloaded shares worth Rs. 778.75 crore on Friday
Foreign Institutional Investors (FIIs) remained net sellers in the capital market as they offloaded shares worth Rs. 778.75 crore on Friday, as per provisional exchange data.
Taper tantrum is still not in the sight: Expert
"No mention about actual time frame for reversal of $120 billion monthly asset purchase program by US Fed chief Jerome Powell and indications of no interest rate hike in the medium term essentially show that taper tantrum is still not in the sight in the near term," he noted. "This will augur well for global equities," he added.
Brent crude trading at $72.96 per barrel
US equities were upbeat last week with all three key indices in the US recording weekly gains to the tune of 1-2.8 percent, Modi added. In Asia, bourses in Shanghai, Hong Kong, Tokyo, and Seoul were trading with gains in mid-session deals. Meanwhile, international oil benchmark Brent crude rose 0.36 percent to $72.96 per barrel.
