Sensex, Nifty hit fresh record highs on positive global cues

MUMBAI: The Nifty extended its winning streak for sixth consecutive session and hit a fresh all-time high on the back of positive cues from global peers. All the sectoral indices were in the green with metals, energy and auto sectors leading the rally.

"The festive Monday did manage to perch the indices at new highs even though volumes may not have been encouraging. But it’s a record high all the same and looks like the party will continue today too. The morning trade could see the Nifty comfortably bracing past the 7,900 mark given the positive global cues for now," said IIFL report.

At 09:20 a.m.; the 50-share index was at 7,910, up 35.75 points or 0.45 per cent. It touched an all-time high of 7,910.85 and a low of 7,898.70 in trade today.

The S&P BSE Sensex was at 26,488.07, up 97.11 points or 0.37 per cent. It touched all-time high of 26,513.59 and a low of 26,469.32 in trade today.

"The Nifty managed to cross 7,840 mark and closed tad below the 7,900 mark. Going forward, we expect this momentum to continue in coming trading session as well. The mentioned target of 7940 is quite achievable in coming trading sessions. On the lower side, 7,840 – 7,800 would now act as immediate support levels for the index," said Angel Broking note.

The CNX Midcap Index was up 0.70 per cent and the CNX Smallcap Index gained 0.89 per cent.

Among the sectoral indices, the S&P BSE Metal Index was up 1.27 per cent, the CNX Energy Index gained 0.73 per cent and the CNX Auto Index advanced 0.55 per cent.

Sesa Sterlite (up 3.38 per cent), BPCL (up 2.31 per cent), L&T (up 1.72 per cent), ONGC (up 1.24 per cent) and Coal India (up 1.11 per cent) were among the major Nifty gainers.

TCS (1.11 per cent), Cipla (0.48 per cent), Grasim (0.41 per cent), GAIL (0.34 per cent) and Lupin (0.11 per cent) were among the index losers.

The market breadth was positive on the NSE with 939 gainers against 347 losers.

The foreign institutional investors were net buyers worth Rs 473.42 crore and domestic institutional investors were net buyers worth Rs 490.04 crore on Monday as per the provisional data from the National Stock Exchange.

Meanwhile, the US market gained on upbeat housing data and reports that Russia and Ukraine were speaking in a somewhat peaceful tone.

The Dow Jones industrial average jumped 175.83 points, or 1.06 per cent, to close at 16,838.74. The S&P 500 rose 16.68 points, or 0.85 per cent, to 1,971.74. The Nasdaq Composite added 43.39 points, or 0.97 per cent, to close at 4,508.31

The Asian markets also moved higher tracking gains on the Wall Street. Japan's Nikkei 225 index rallied 0.91 per cent, Hong Kong's Hang Seng index was up 0.20 per cent, South Korea's Kospi index gained 0.90 per cent and Taiwan Weighted rallied 1.04 per cent.