Sensex at 63,000, Nifty above 18,000; achieves crucial milestones

Equity benchmark indices opened strong on Monday, as the Sensex crossed the crucial 63,000 level. Positive trends in the US markets and continuous foreign fund inflows contributed to the rally. In early trade, the 30-share BSE Sensex surged 507.22 points to reach 63,008.91, while the NSE Nifty climbed 141.85 points to 18,641.20.

Among the major gainers in the Sensex pack were Mahindra & Mahindra, HDFC, IndusInd Bank, Bajaj Finserv, HDFC Bank, Kotak Mahindra Bank, Bharti Airtel, Titan, UltraTech Cement, and Bajaj Finance. However, Power Grid and HCL Technologies experienced declines.

Tokyo and Shanghai markets traded positively, while Hong Kong quoted lower. On Friday, the US market closed with significant gains. Over the weekend, US President Joe Biden and House Speaker Kevin McCarthy reached a final agreement to raise the nation's debt ceiling, aiming to secure enough votes from both Republicans and Democrats to pass the measure in the coming week.

This "in principle" deal provided relief to stock markets, potentially supporting the ongoing rally and pushing the Nifty to new record highs, according to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. Foreign Institutional Investors (FIIs) were net buyers on Friday, purchasing equities worth ₹ 350.15 crore. Additionally, Brent crude, the global oil benchmark, rose 0.71% to reach USD 77.50 a barrel. On Friday, the Sensex gained 629.07 points or 1.02% to settle at 62,501.69, while the Nifty climbed 178.20 points or 0.97% to end at 18,499.35.