India's benchmark stock indices continued their advances for the fourth day to end at a fresh record high on Monday, even as energy and public sector banks advanced while pharma and information technology were under pressure. The headline indices continued their record moves from the previous week after logging the best week in over 11 months.
The Sensex jumped 0.81% to a record high of 65,240.57 points intraday, while the Nifty 50 rose 0.77% to 19,936.10 points. Nifty Bank breached the 45,000 mark to hit an intraday high of 45,353.20 points.
Bank and mining stocks led gains in Europe, while Japan's Topix continued to reach highs last seen in the mid-1990s amid improved confidence among big manufacturers. Pakistan's index surged the most in over three years after the nation received an initial $3 billion loan deal from the International Monetary Fund, easing default fears.
Stocks kicked off the new quarter on a bullish note, with electric-car makers Tesla Inc. and BYD Co. climbing on record quarterly sales. Contracts on the Nasdaq 100 climbed after the tech index notched its best-ever first half of the year.
The S&P BSE Sensex closed 487 points, or 0.75%, higher at 65,205.05, while the NSE Nifty 50 gained 134 points, or 0.70%, to end at 19,322.55.
Bajaj Finance Ltd., HDFC Ltd., ITC Ltd., Reliance Industries Ltd., and State Bank of India positively contributed to changes in the Nifty.
While Axis Bank Ltd., Infosys Ltd., Larsen & Toubro Ltd., Sun Pharmaceutical Industries Ltd., and TCS Ltd. weighed on the index.
The broader market indices ended higher, with the S&P BSE MidCap rising 0.30% and the S&P BSE SmallCap gaining 0.56% by the close of trading on Monday.
Ten out of the 19 sectors compiled by BSE Ltd. advanced, with S&P BSE Oil & Gas and S&P BSE Energy gaining the most. Nine sectors declined.
The market breadth was skewed in favour of the buyers. About 1,991 stocks rose, 1,558 declined, and 168 remained unchanged on the BSE.
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