Sensex, Nifty Hit All-Time Highs: US Rate Cut Hopes, FIIs Drive Rally

Mumbai, Sep 2 (PTI) Benchmark equity indices Sensex and Nifty hit their fresh all-time high levels in early trade on Monday tracking foreign fund inflows and a rally in the US markets.

Equity markets have been continuously rallying amid the US rate cut hopes gathering momentum and renewed foreign fund inflows.

The 30-share BSE Sensex jumped 359.51 points to hit a new record peak of 82,725.28 during the early trade. The NSE Nifty climbed 97.75 points to reach a fresh all-time high of 25,333.65.

Among the 30 Sensex firms, Bajaj Finserv, HCL Tech, ITC, Tech Mahindra, Infosys and Asian Paints were the biggest gainers.

Tata Motors, Mahindra & Mahindra, NTPC and Bharti Airtel were among the laggards.

In Asian markets, Seoul traded in the positive territory while Tokyo, Shanghai and Hong Kong quoted lower.

The US markets ended higher on Friday.

Foreign Institutional Investors (FIIs) bought equities worth Rs 5,318.14 crore on Friday, according to exchange data.

"The market has entered a zone of steady but mild up-move caused by the accumulation of quality largecaps. FIIs turning buyers last week mainly due to some large bulk deals also has improved sentiments in the market," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Global oil benchmark Brent crude declined 0.82 per cent to USD 76.30 a barrel.

Rallying for the ninth straight session on Friday, the BSE benchmark climbed 231.16 points or 0.28 per cent to settle at an all-time closing high of 82,365.77.

In its best winning streak since its launch in 1996, the NSE Nifty soared 83.95 points or 0.33 per cent to hit a new lifetime closing high of 25,235.90, taking its victorious run to the 12th day in a row.