Sensex, Nifty hit fresh all-time high levels in early trade

Mumbai, July 29

Equity market benchmark indices Sensex and Nifty hit their new all-time high levels in early trade on Monday in-tandem with a rally in global peers and fresh foreign fund inflows.

The 30-share BSE Sensex jumped 416.62 points to hit a new record peak of 81,749.34 in early trade. The NSE Nifty surged 145.6 points to hit a fresh lifetime peak of 24,980.45.

From the Sensex pack, NTPC, State Bank of India, IndusInd Bank, ICICI Bank and UltraTech Cement were among the biggest gainers.

Titan, Bharti Airtel, ITC and Tech Mahindra were among the laggards.

In Asian markets, Seoul, Tokyo, Shanghai and Hong were quoting in the positive territory. The US markets rallied on Friday.

Foreign Institutional Investors (FIIs) bought equities worth Rs 2,546.38 crore on Friday, according to exchange data.

“The undercurrent of this bull market has turned stronger on positive cues. The soft landing scenario for the US economy and the expectation of a rate cut by the Fed in September are intact. This will provide global support to this bull market,” said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

In a departure from recent trends both FIIs and DIIs (Domestic Institutional Investors) turned buyers last Friday resulting in a total buying of Rs 5,320 crore pushing the market sharply up, he added.

Global oil benchmark Brent crude climbed 0.35 per cent to USD 81.41 a barrel.

The BSE benchmark jumped 1,292.92 points or 1.62 per cent to settle at 81,332.72 on Friday.

The NSE Nifty surged 428.75 points or 1.76 per cent to settle at an all-time closing high of 24,834.85.