Investors crowded mostly at the capital goods, metal and auto counters amid positive global cues
The equity benchmark indices on Monday continued with its northbound run for the second straight day helping the Sensex and Nifty to close at a fresh high. Investors crowded mostly at the capital goods, metal and auto counters amid positive global cues.
The 30-share Sensex soared 330.87 points, or 0.87%, closing at a new peak of 38278.75. During the intra-day trade, the gauge scaled fresh all-time high of 38340.69, surpassing its previous record of 38076.23 hit on August 9. This is the biggest single-session gain since August 3 when it had rallied 391 points.
The broader Nifty, on the other hand, also maintained its bull run and went past the 11500-mark for the first time to touch a new peak of 11565.30 (intra-day) before settling higher by 81 points, or 0.71%, at a new peak of 11551.75, beating its previous record closing of 11470.75, logged in the previous session on August 17. It also broke the previous intra-day record of 11495.20 hit on August 9.
“The market is exhibiting great resilience in conquering new highs. The Q1 results indicate a sharp recovery in earnings to follow. Nifty earnings growth can touch 24% for FY19 followed by 20 plus earnings growth for FY 20. The market is discounting this aided by the strong tailwind of unprecedented domestic appetite for equity,” VK Vijayakumar, chief investment strategist at Geojit Financial Services said.
Pumping of fresh funds by foreign portfolio investors (FPIs) also supported the rally that lifted both key indices to new highs.
Sectorally, BSE Capital Goods took the pole position surging 3.74% followed by Industrials (2.60%), Metal (2.58%), Energy (2.15%) and Oil and Gas (1.30%). BSE Information Technology (-1.25%) and Teck (-1%) were the only losers among the sectors.
The broader market too staged a firm performance as both the BSE Midcap and Smallcap indices rose 1.05% and 0.14% respectively.
Larsen and Toubro, Tata Motors, ONGC, Tata Steel and Vedanta contributed most to Sensex rising as much as 6.74%. However, Infosys, Maruti and ICICI Bank were the top losing stocks falling as much as 3.22%.
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The broader Nifty, on the other hand, also maintained its bull run and went past the 11500-mark for the first time to touch a new peak of 11565.30 (intra-day) before settling higher by 81 points, or 0.71%, at a new peak of 11551.75, beating its previous record closing of 11470.75, logged in the previous session on August 17. It also broke the previous intra-day record of 11495.20 hit on August 9. 
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