Indian stock markets surge to record highs driven by global optimism, foreign fund inflows, and strong Q4 corporate profit expectations. Sensex and Nifty reach new all-time peaks.
Mumbai, Apr 8 (PTI) Benchmark equity indices climbed in early trade on Monday, with the Sensex and Nifty reaching record highs, amid optimism in global markets and foreign fund inflows.
Buying in index major Reliance Industries also fuelled the rally in equities.
The 30-share BSE Sensex jumped 307.22 points to reach a record high of 74,555.44 in early trade. The NSE Nifty climbed 79.6 points to 22,593.30.
Later, the Nifty climbed to its new all-time peak of 22,623.90 and the BSE benchmark scaled a fresh lifetime high of 74,658.95.
From the Sensex basket, Tata Steel, Bajaj Finserv, Power Grid, Reliance Industries, Axis Bank and JSW Steel were the major gainers.
Wipro and HDFC Bank were the laggards.
In Asian markets, Seoul and Tokyo were trading in the positive territory while Shanghai and Hong Kong quoted lower.
Wall Street ended with gains on Friday.
Foreign Institutional Investors (FIIs) bought equities worth Rs 1,659.27 crore on Friday, according to exchange data.
"Optimism prevails on Dalal Street as investors prioritize the anticipation of strong Q4 corporate profits in India over the Fed's rate-cut plans," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
Global oil benchmark Brent crude declined 1.61 per cent to USD 89.71 a barrel.
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