New Delhi:
Benchmark equity indices Sensex and Nifty hit their fresh all-time high levels in early trade today, tracking gains in regional peers after US economic data eased growth concerns, while investors await domestic quarterly growth data.
The NSE Nifty 50 index rose to 25,333.28 in early trade, while the S&P BSE Sensex climbed to 82,725.28, with both benchmarks hitting all-time highs.
Equity markets have been continuously rallying amid the US rate cut hopes gathering momentum and renewed foreign fund inflows.
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.
The Nifty rose for the twelfth consecutive session on Friday, in its longest-ever rally, pushing the market to a fresh high on hopes of an imminent US interest rate cut this month.
Meanwhile, TVS Motor said its August domestic two-wheeler sales grew 13%, and Hero MotoCorp’s domestic sales rose nearly 5%.
The India’s economic growth in the April-June quarter grew 6.7% year-on-year, easing from a 7.8% growth in the previous quarter, but remained the world’s fastest-growing major economy.
The GDP print shows that the growth momentum continued in the first-quarter, despite an usual seasonal slowdown and the country’s national general election’s effect, said Sakshi Gupta, Principal Economist at HDFC Bank.
Broader Asian share markets got off to a quiet start on Monday as investors braced for a data-packed week culminating in a US jobs report that could decide whether a rate cut expected this month will be regular or super-sized.
