Sensex, Nifty50 rally to fresh record highs on firm global cues

NEW DELHI: Frontline equity indices Sensex and Nifty touched fresh record highs on Monday in the backdrop of a rise in gloabl stocks after the US Fed chairman Jerome Powell in his speech at Jackson Hole said that a gradual approach to raising rates was the best way to protect the US economy and job growth.

Chinese market too clocked gains after data from the statistics bureau showed that the country's industrial firms rose 16.2 per cent in July from a year earlier, slowing from 20.0 percent in June.

The Sensex scaled fresh record high of 38,541.27, whereas the NSE counterpart Nifty50 topped 11,645.55 early Monday.


Around 9:25 am, the BSE Sensex was 279 points, or 0.73 per cent, up at 38,531.15, and Nifty was 86 points, or 0.74 per cent, up at 11,642.75.

In the Sensex kitty of stocks, all stocks were in the green.

Nifty50 had two losers- Bharti Infratel and Dr. Reddy's Laboratories- around that time.

YES Bank, State Bank of India, ICICI Bank, Kotak Mahindra Bank and Tata Steel were leading among Sensex scrips. Easing global crude oil prices and a fresh rise in the Indian rupee against the US dollar influenced the sentiment.

At the time of writing this report, the rupee was trading at 69.76, up by 36 paise.

Oil prices dipped slightly on Monday on concerns that a US-China trade dispute will erode global economic growth, although looming US sanctions against Iran’s oil sector kept crude from falling further, traders said.

All sectoral indices on the BSE were trading higher, with metal, bankex and basic materials climbing over 1 per cent. BSE energy, finance and consumer durables advanced nearly 1 per cent.