Led by RIL, Markets Close at All-Time High

Lacklustre global cues failed to impact the Indian markets, which closed at all-time highs on Monday on the back of solid gains to equity, a sharp recovery in the rupee, and improvement in risk sentiment after multiple states began easing Covid-19 restrictions.

Rupee appreciated by 19 paise to end at 72.80 against the dollar, buoyed by persistent fund inflows into capital markets. BSE Sensex saw good buying in energy, IT and bank stocks in the afternoon trade, finally finishing 228.46 points or 0.44 per cent higher at its new closing record of 52,328.51. Similarly, NSE Nifty surged 81.40 points or 0.52 per cent to its all-time peak of 15,751.65.

PowerGrid topped the Sensex gainers’ chart with a 4.44 per cent jump, followed by NTPC, UltraTech Cement, Reliance Industries (RIL), IndusInd Bank, HCL Tech, Tech Mahindra and L&T. Index heavyweight RIL alone contributed around half of the benchmark’s gains. Bajaj Finance, Bajaj Finserv, HDFC, Dr Reddy’s, SBI and ONGC were among laggards, tumbling up to 4.43 per cent.

“Domestic equities extended gains with benchmarks recording fresh all-time highs as sharp decline in daily caseload and states started easing business curb lifted sentiments,” said Binod Modi, Head (Strategy), Reliance Securities. He added that midcap and smallcap stocks were again in focus as investors appeared to be lapping up these counters, in the backdrop of improved visibility of earnings recovery.

Vinod Nair, head of research at Geojit Financial Services, said, “Domestic equities extended their gains in today’s volatile session, ahead of PM Modi’s address to the nation. Hopes of easing restrictions and Centre’s Covid-19 vaccination policy pumped optimism into the market.”

Sector-wise, BSE utilities, power, telecom, energy, oil and gas, industrials and IT indices surged as much as 3.33 per cent, while realty, finance and metal ended in the red. Broader BSE midcap and smallcap indices rallied up to 1.38 per cent.

World stocks were in wait-and-watch mode, after the G7 economies agreed on a minimum global corporate tax rate of 15 per cent, even as experts said a lot of ground needs to be covered before G20 nations reach a similar agreement. 

Elsewhere in Asia, bourses in Shanghai, Tokyo and Seoul ended with gains, while Hong Kong was in the red. Stock exchanges in Europe were largely trading with losses in mid-session deals.

International oil benchmark Brent crude was trading 0.58 per cent lower at $71.47 per barrel.