Sensex, Nifty hit record highs on positive global cues

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Nifty 50 And Sensex It rose to an all-time high on Monday, supported by broad gains led by financial services stocks amid improving global signals.

Nifty rose 0.74% to 19331.15 while S&P BSE Sensex rose 0.79% to 65232.64 as of 10:06AM IST.

Financial services stocks led the gains on Nifty’s sectoral indices, rising more than 1.5%. heavy weights indicator, HDFC And HDFC Bankgained 2% each, after that July 1 approved as the effective date for the two financial giants’ $40 billion merger.

Banking and automobile indices also hit record highs for the second consecutive session.

Escher Motorswhich reported 26% year-over-year sales growth in June, and Mahindra and Mahindra It gained more than 2% each and was among the top Nifty gainers.

The metals index rose more than 1% and was among the biggest gainers in the sectors.

Also read: Index Forecast: Nifty 50, Sensex: It can measure more peaks

The rally extended to broader markets as well, with small companies rising more than 1.2% to a one-year high, while the medium-cap index climbed to a new peak.

“Increased buying from foreign investors, rebounding monsoons and the positive impact of the merger with HDFC are the main factors driving the markets bullish,” said Prashanth Tapsi, Senior Vice President (Research) at Mehta Equities.

The rise in local stocks came on the back of a rally in their global counterparts, after data showed inflation slowing in the United States and boosting sentiment.

among individual stocks, High-tech cement It rose over 2% and was among the biggest gainers for Nifty after reporting a 20% growth in total consolidated sales volume in the June quarter.

Mazagon Dock Shipbuilders jumped 7.67% to a record high thereafter Signing a contract worth Rs 2,725 crore with the Indian Navy.