Sensex Hits Fresh Peak On Bargain Buying

Globally equity markets are waiting for the Fed rate action on Wednesday, which is likely to influence the stock market trend in the near-term, said VK Vijayakumar, chief investment strategist, Geojit Financial Services

Mumbai: Equity benchmark index Sensex rebounded nearly 100 points to hit a lifetime closing high on Monday, while the broader Nifty ended just shy of its record peak, propelled by bargain hunting in energy, utility and banking stocks amid sustained foreign fund inflows. The 30-share BSE Sensex climbed 97.84 points or 0.12 per cent to settle at a new record peak of 82,988.78. During the day, it jumped 293.4 points or 0.35 per cent to hit a fresh lifetime intra-day high of 83,184.34. The NSE Nifty rose 27.25 points or 0.11 per cent to settle at 25,383.75, over 5 points lower than its previous record. During the day, the benchmark gained 89.2 points or 0.35 per cent to hit a new intra-day high of 25,445.70.

“The domestic market traded in a narrow range with a positive bias as the participants are keenly awaiting the Fed’s decision this week. The weakness in the US job market and benign inflation are pointing at a slew of rate cuts on the table. The inflow of foreign money and an expectation of stability in domestic growth may keep sentiment optimistic,” Vinod Nair, head (research), Geojit Financial Services.

In the broader market, the BSE smallcap gauge climbed 0.28 per cent while the midcap index ended marginally up by 0.01 per cent.

“Investors remain cautiously optimistic ahead of the US Federal Reserve’s meeting later this week, which could influence short-term trends. Investors are advised to stay aligned with the current trend, but watch for potential market reactions to the US Fed’s policy announcements,” added Vikram Kasat, head (advisory), PL Capital - Prabhudas Lilladher.