Assisted by wide gains, India’s Nifty 50 and Sensex stock indices climbed on Monday and crept closer to new record highs, as broader peers continued their rally to record levels.
The previous record high, 18,887.60, which the Nifty 50 was within 10 points of, was reached.
The financial sector, which has a lot of weight, rose by 0.2%, and nine out of the 13 major sectoral indices were up.
In comparison to their larger peers, broader indices did better, with smallcaps reaching a more recent record high and midcaps increasing over 0.6% to a new high.
Prior to Tuesday’s rate announcement in China and the congressional testimony of U.S. Federal Reserve Chair Powell on Wednesday and Thursday, global markets were generally weaker due to caution.
Following a period of consolidation, analysts anticipate that the rally in the Indian markets will continue. According to Ajit Mishra, senior vice president of technical research at Religare Broking, “the indications are in favour of the prevailing tone to continue.”
“We expect the 18,400–18,550 zone to offer a cushion in case of profit taking. We are eyeing the 19,100 mark in Nifty.”
Jindal Steel and Power experienced a 5% increase among the individual stocks when Kotak Institutional Equities upgraded it to “buy” and increased its target price from 580 to 740 rupees.
After numerous brokerages, including Morgan Stanley, JP Morgan, and HSBC, restated a positive stance on the industry, non-banking financial companies including Bajaj Finance and Bajaj Finserv increased by more than 2% apiece.
Hero MotoCorp, on the other hand, was the biggest loss in the Nifty 50, losing 2%. Shares of the two-wheeler manufacturer have decreased for four straight sessions as a result of a corporate affairs ministry investigation into an alleged financial transfer.