Sensex, Nifty Hit All-Time Highs: Strong Inflows Drive Rally

Mumbai, Sep 23 (PTI) Domestic equity indices Sensex and Nifty scaled their new record high levels in early trade on Monday, helped by strong foreign fund inflows and rally in Asian markets.

The 30-share BSE Sensex jumped 318.58 points to hit an all-time high of 84,862.89. The NSE Nifty surged 120.75 points to reach a new record high of 25,911.70.

From the 30 Sensex firms, Mahindra & Mahindra, Bharti Airtel, NTPC, State Bank of India, Kotak Mahindra Bank, Adani Ports, Tata Steel and Tata Motors were the biggest gainers.

ICICI Bank, HCL Technologies, JSW Steel and ITC were among the laggards.

Foreign Institutional Investors (FIIs) bought equities worth Rs 14,064.05 crore on Friday, according to exchange data.

"The charging bull got a shot of steroids from the Fed when it cut interest rates by 50 bps on September 18th. More than the rate cut, it was the Fed chief's optimistic commentary that lifted the markets sharply," V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said.

In Asian markets, Seoul, Shanghai and Hong Kong were trading higher.

The US markets ended on a mixed note on Friday.

Global oil benchmark Brent crude climbed 0.75 per cent to USD 75.05 a barrel.

The BSE benchmark jumped 1,359.51 points or 1.63 per cent to settle at an all-time high of 84,544.31 on Friday. During the day, it soared 1,509.66 points or 1.81 per cent to hit the momentous intra-day peak of 84,694.46.

The NSE Nifty also surged 375.15 points or 1.48 per cent to close at a record 25,790.95 level. During the day, the gauge zoomed 433.45 points or 1.70 per cent to reach an all-time intra-day peak of 25,849.25.