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Sensex, Nifty closed at record highs on gains in auto, banking stocks

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Indian equity benchmarks rose for the third consecutive session and closed at record highs on Monday led by gains in Tata Motors, HDFC Bank, ICICI Bank, ITC, Kotak Mahindra Bank, HDFC, Maruti Suzuki and State Bank of India. The Sensex rose 417 points to hit a record high of 60,476.13 and the Nifty 50 index touched a record high of 18,041.95, above its crucial psychological level of 18,000.

The Sensex closed 77 points higher at a record high of 60,136 and the Nifty 50 index rose 51 points to an all-time high of 17,946.

“The Nifty index crossing the 18,000 level marks the continuation of a bullish phase in India’s markets. There are strong positive sentiments on the domestic front, even as global cues point to rising risks. The balance is expected to ease. Sheet expansion at the earliest to counter rising inflation. Also, this earnings season in India is going to be extremely crucial, given that Nifty’s equity price is above 27 times and earnings need to keep pace with that. Overall, we are cautious at the moment and expect a definite conclusion on the conflict between global cues and domestic growth, said Mohit Ralhan, Managing Partner and Chief Investment Officer, TIW PE. are waiting.

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