MUMBAI: Indian markets kicked off the new week by hitting fresh all-time highs as both the Nifty 50 and Sensex surged in Monday’s opening session.
The Nifty 50 index reached a new 52-week high, opening at 25,872.55, gaining 81.60 points or 0.32 per cent. Sensex also joined the rally, opening at 84,651.13, gaining 106.82 points or 0.13 per cent, and soon after hit its own new all-time high of 84,843.72 points.
Both indices continue to trade at record levels, fueled by a bullish trend driven by increased foreign inflows into Indian equities. Experts attribute this bull run primarily to the high Foreign Institutional Investors (FII) inflows and are optimistic that if these inflows continue, the markets will sustain their upward momentum.
“Indian markets are primed for a further run up on the back of the massive FII inflows of Friday and benign global cues. However, the caution comes from the overbought nature of the markets, with flows boosting valuations further. Asian markets are mixed, with Japan closed for a holiday. Indian stock futures are indicating a strong start to today, but the overbought levels indicate some profit booking will emerge. However, if FII allocations remain robust, that will be absorbed and markets will continue their onwards journey”, said Ajay Bagga, banking and market expert.
Among the sectoral indices on the NSE, Nifty Realty led the gains, surging by 0.98 per cent. However, Nifty IT and Nifty Private Bank declined marginally at the time of this report.
Asian markets were also trading with gains on Monday. Hong Kong’s Hang Seng index rose by 0.84 per cent, while Taiwan’s Taiwan Weighted index gained 0.38 per cent. South Korea’s KOSPI index was up by 0.28 per cent, though Japan’s markets were closed for the day.
In contrast, European markets closed with selling pressure on Friday. The UK’s FTSE index declined by 1.20 per cent, France’s CAC index dropped by 1.54 per cent, and Germany’s DAX index closed down by 1.51 per cent. US markets also experienced selling pressure on Friday. The S&P 500 slipped by 0.19 per cent, while the Nasdaq closed down by 0.36 per cent. (ANI)