India's stock market experienced modest gains on Monday, with the BSE Sensex surpassing 70,000 for the first time, driven by banking, financial, and IT stocks.
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Contributing growth factors
Strong economic data, lower crude oil prices, a positive global interest rate outlook, renewed foreign inflows, and ongoing support from domestic mutual fund investors contributed to this growth.
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Top market gainers
On the 30-share BSE index, Kotak Mahindra Bank, L&T, SBI, ITC, HCL Tech and TCS were among the top gainers.
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Strong weekly streak
Last week, the benchmark indices achieved a sixth consecutive week of gains, marking their strongest streak of weekly increases in three years.
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Rally continuation expected
Strong inflows from FIIs and DIIs, exuberant retail investors and a thriving IPO market supported by strong economic fundamentals can sustain the rally in the short run ignoring the high valuations, says an analyst.