Opening Bell: Sensex hits lifetime high to open at 51,300, Nifty above 15,000; M&M up by 10%
New Delhi | Jagran Business Desk: Extending the gains witnessed by the stock market in Union Budget 2021 week, the 30-share BSE Sensex on Monday hit lifetime high and jumped by 662.44 points or 1.32 per cent to open at 51,394.07. Similarly, 50-share NSE Nifty was up by 174.25 or 1.29 per cent and was trading at 15,098.50 in the opening session of the stock market.
Leading the charge in the Sensex pack was Mahindra and Mahindra (M&M) whose shares were up by 10 per cent. Similarly, Axis Bank, ICICI Bank, IndusInd Bank, SBI and Bajaj Finance were trading in green while NTPC and Bajaj Auto were the laggards.
According to stock market experts, investors are buoyed with the Reserve Bank of India's (RBI) decision to keep repo rate and reverse repo rate unchanged at 4 per cent and 3.35 per cent respectively. They feel that the stock market will continue to rise if foreign institutional investors (FIIs) "continue to buy".
"High CAPEX and bold reforms announced in the Union Budget emboldened investors. It indicates that recent uptick in high-frequency key economic data and rebound in corporate earnings is likely to sustain in subsequent quarters," news agency PTI quoted Binod Modi, Head-Strategy at Reliance Securities, as saying.
"Additionally, RBI supporting the pro-growth strategy of government by maintaining liquidity at required levels and balancing bond yields bodes well," he added.
The Sensex in its previous session had ended 117.34 points or 0.23 per cent higher at its fresh closing record of 50,731.63, while the Nifty closed at its all-time high of 14,924.25, up 28.60 points or 0.19 per cent.
Meanwhile, bourses in Shanghai, Hong Kong, Seoul and Tokyo were trading with significant gains. The global oil benchmark Brent crude, on the other hand, was trading 0.55 per cent higher at USD 59.89 per barrel.
Posted By: Aalok Sensharma