Opening Bell: Sensex rises by 460 points to open at all-time high of 52,000, Nifty nears 15,300
New Delhi | Jagran Business Desk: The Indian stock market on Monday continued its winning streak after the 30-share BSE Sensex surged by 463.71 points (0.8 per cent) to open at an all-time high of 52,008.01 in the opening session. Similarly, 50-share NSE Nifty jumped by 126.25 points (0.8 per cent) to open at 15,289.55.
Leading the charge on Monday was the banking sector as the shares of the HDFC Bank, Kotak Bank, ICICI Bank, Axis Bank and IndusInd Bank rose in the early trade. Housing Development Finance Corporation, Bharti Airtel and Titan Company were also trading in green.
Meanwhile, Tech Mahindra, M&M, Coal India, State Bank of India Life and Oil, Sun Pharma, Tata Consultancy Services (TCS) and Natural Gas Corporation were among the laggards.
Experts have suggested that the Indian stock market can "undergo some consolidation" after the sharp gains made post the reformist Union Budget 2021 that was presented by Finance Minister Nirmala Sitharaman on February 1. They feel that broad "undercurrent of the market may remain constructive especially on the small and midcaps".
The strong performance of the market also suggest that growth recovery is gaining momentum which if sustained, "corporate profits will surprise on the upside in the financial year 2021-22", experts suggest.
"But the sentiment of global market will play an important role in deciding the short-term trend which is getting mixed due to weakening European market," said Vinod Nair, Head of Research at Geojit Financial Services, as reported by news agency PTI.
In the previous session, Sensex had settled 12.78 points or 0.02 per cent higher at its new closing record of 51,544.30, while Nifty slipped 10 points or 0.07 per cent to 15,163.30. Foreign portfolio investors (FPIs) were net sellers in the capital market as they offloaded shares worth Rs 37.33 crore on Friday, as per exchange data.
Posted By: Aalok Sensharma