Equity indices scaled fresh highs in early trade on Monday, with the Sensex breaching the 77,000-level for the first time continuing its four-day rally.
Multiple factors fuelled the markets to record yet another session in the green — the RBI up its projection for economic growth in this fiscal to 7.2% from 7% earlier, and fresh inflows from foreign funds.
The 30-share BSE Sensex surged by 385.68 points to a fresh record high of 77,079.04 in early trade. Similarly, the NSE Nifty rose by 121.75 points to an all-time peak of 23,411.90.
Prime Minister Narendra Modi was sworn in for a consecutive third term in office on Sunday. He leads a 72-member Union Council of Ministers, indicating a fine balance of continuity, youth, and experience, while also rewarding allies among the BJP-led NDA.
Among the 30 Sensex constituents, Power Grid, Axis Bank, State Bank of India, Bajaj Finserv, Reliance Industries, and NTPC emerged as the top performers. On the other hand, Tech Mahindra, Infosys, Wipro, HCL Technologies, and Titan were among the laggards.
Subsequently, the benchmarks experienced volatile trends and traded flat.
Foreign Institutional Investors (FIIs) purchased equities worth Rs 4,391.02 crore on Friday, according to exchange data.
In the Asian markets, Tokyo traded in positive territory, while Seoul was down. On Friday, US markets closed lower.
Global oil benchmark Brent crude rose by 0.31% to USD 79.87 per barrel.
On Friday, the BSE benchmark closed at 76,693.36, up 1,618.85 points or 2.16%. The Nifty ended the session with an increase of 468.75 points or 2.05% at 23,290.15.
Read Also | Sensex Surges by 692 Points, Nifty Ends Above 22,800: Market Highlights
