The rally was fuelled by expectations of good first quarter earnings and short-covering following the Sebi's restrictions on the use of derivatives in participatory notes
Bulls further tightened their grip on markets as benchmark indices hit new record highs on Monday on buying in technology, telecom and realty stocks.
The 30-share BSE Sensex resumed positive run this week rising 355.01 points, or 1.13% to hit a new high of 31715. The intra-day high of 31,768.39 was its biggest single-session gain at since May 25.
NSE Nifty 50 too hit a new milestone despite trading disruptions at National Stock Exchange early in the session. Nifty surged 105.25 points, or 1.09%, ending at 9771.05.
The rally was fuelled by expectations of good first quarter earnings and short-covering following the Securities and Exchange Board of India's restrictions on the use of derivatives in participatory notes.
Investors faced problems on NSE, which had briefly stopped trading for three hours in the morning, in cash and F&O segments, owing to a technical outage as deals were not getting updated in the system.
Buying was witnessed in key frontline shares of IT, technology, telecom and realty sectors after participants widened their bets ahead of first quarter (Q1) earnings.
Bharti Airtel at 5.39% was the top gainer followed by TCS (4.66%), Wipro (4.64%), Coal India (3.25%), Lupin (2.96%), Infosys (2.46%), Sun Pharma (2.42%), Tata Motors (2.28%), ONGC (1.97%) and SBI (1.91%). L&T, Axis Bank, Adani ports, Asian Paint, Dr Reddy's, Tata Steel stood among other gainers surging up to 1.56%.
However, shares of M&M, ITC Ltd and HUL ended with losses owing to profit-booking.
The rally saw total market capitalisation hitting the $2 trillion mark. The Reliance Industries is the most valued Indian company with a market valuation of Rs 4,86,125.34 crore followed by TCS (Rs 4,63,630.88 crore), HDFC Bank (Rs 4,29,812.78 crore), ITC (Rs 4,03,148.08 crore) and HDFC (Rs 2,59,769.09 crore).
Global growth prospects are looking up after last Friday's higher-than-expected US employment data. US jobs grew more than expected in June. In Asia, Japan's Nikkei rose 0.76%, Hong Kong's Hang Seng ended up 0.63%, while China's Shanghai Composite Index fell 0.17%. In Europe, key indices in Germany, France and the UK traded in the green.
Meanwhile, foreign portfolio investors net-sold shares worth a Rs 522.08 crore last Friday.
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Buying was witnessed in key frontline shares of IT, technology, telecom and realty sectors after participants widened their bets ahead of first quarter (Q1) earnings.
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