Benchmark indices have opened with a bang amid firm global cues and have hit fresh record highs in opening deals led by strong gains in index heavyweights and metal shares. Nifty breached the 8,500 mark for the first time and hit the all-time high of 8,529 while Sensex hit the fresh record high of 28,514.98.
At 9:35AM, the 30-share Sensex was up 138 points at 28,485 and the 50-share Nifty was up 41 points at 8,518.
In the broader market, BSE midcap and BSE smallcap indices up 0.7% each are outperforming their larger peers. Market breadth is heavily positive with 1,114 gainers against 411 declines.
Meanwhile, foreign institutional investors were net buyers in Indian equities worth Rs 123 crore on Friday, as per provisional stock exchange data
BSE Metal index is the top gainer surging more than 2% followed by BSE Capital Goods index and BSE Bankex up 0.8% each. BSE FMCG index is down 0.2%.
Metal stocks are trading higher following the sentimental uptick provided by the Chinese rate cut. Sesa Sterlite and Hindalco have gained close to 3% while Tata Steel has gained more than 2%.
Infosys and SBI are trading with gains of more than 1%.
L&T has gained around 0.7% as defence related companies are set to benefit after the government approved the purchase of 814 artillery guns, 714 of which are to be procured from Indian companies.
In Asia, share markets were broadly higher on Monday as the prospect of further policy stimulus in China and Europe whetted risk appetites while sending the euro skidding.
The CSI300 Index of the largest companies listed in Shanghai and Shenzhen opened up 1.2% at its highest level since June 2013, while the Shanghai Composite Index opened up 0.8%. Stocks in Hong Kong were also up 1.9%.
Tokyo’s market was closed for a holiday on Monday, but MSCI’s broadest index of Asia-Pacific shares outside Japan .
On Friday, The Dow and S&P 500 both added 0.5% on Friday, while the Nasdaq put on 0.24%. Germany’s DAX and France’s CAC rose nearly 3% in anticipation of more action by the ECB.