The benchmark indices kicked off the week on a high note, registering fresh record highs backed by positive global cues and optimism around the upcoming quarterly earnings. Both Sensex and Nifty scaled new peaks in early trade supported by gains across most sectors.
The 30-share BSE Sensex opened higher by over 300 points and went onto breach its earlier all-time intraday high. The index touched an intraday high of 74,658 points before paring some gains. Similarly, the 50-share NSE Nifty index opened in the green territory and rose to an all-time peak of 22,623 points.
According to analysts, market participants are hoping for a strong Q4 result season with many expecting IT majors to show return to growth. A major Indian IT firm is slated to report its results later this week, marking the start of the season. This could provide a direction to the overall street sentiment, they said.
Broader markets also joined in and were trading firm. Most midcap and smallcap stocks were seen trading higher by over 1%. Amongst sectors, banking, capital goods and energy counters were the top performers while FMCG space continued to remain under pressure.
The bull run on D-Street comes despite RBI keeping policy rates unchanged earlier last week. Investors chose to focus more on positive global developments and strong domestic factors that have bolstered confidence. Asian peers were also trading in the green territory, lending supportive cues. With no major events lined up this week, volatility may remain low but Q4 announcements will direct the near-term trend.
