Indian benchmark indices opened the new month at new all-time high on Monday, amid investor optimism
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MUMBAI — Indian benchmark indices opened the new month at new all-time high on Monday, amid investor optimism around strong Q2 GDP growth at 8.2 per cent.
As of 9.30 am, the Sensex advanced 291 points, or 0.34 per cent at 85,997 and the Nifty added 86 points, or 0.33 per cent to 26,289.
The broadcap indices performed in line with the benchmarks, with the Nifty Midcap 100 up 0.28 per cent and the Nifty Smallcap 100 adding 0.58 per cent.
SBI, Trent and Tata Steel were among the major gainers in the Nifty Pack, while losers included Tech Mahindra, Tata Consumer, Titan Company and Bajaj Finance.
All the sectoral indices on NSE were trading in except Nifty FMCG (down 0.31 per cent) and Nifty chemicals (down 0.08 per cent). Nifty Metal up 1.02 per cent and Nifty auto up 0.63 per cent were the top gainers.
Analysts noted that even as indices touch new records, most retail investors have lower portfolio values than at the previous market peak in September 2024. The reason for this paradox is the narrow nature of the rally, according to them. Notably, 330 stocks in NSE 500 are below their September 2024 peak.
The excellent Q2 GDP numbers at 8.2 per cent, particularly the impressive growth in manufacturing, services, and final consumption expenditure, have the potential to take the market higher, an analyst said, noting that since the economy is booming, the RBI MPC may not cut rates on Friday.
The US markets ended in the green zone overnight, as Nasdaq advanced 0.65 per cent, the S&P 500 dropped 0.54 per cent, and the Dow added 0.61 per cent.
In Asian markets, China's Shanghai index added 0.43 per cent, and Shenzhen advanced 0.99 per cent, Japan's Nikkei dipped 1.68 per cent, while Hong Kong's Hang Seng Index added 0.77 per cent. South Korea's Kospi dropped 0.12 per cent.
Oil prices surged over 1 per cent on Monday, supported by OPEC+’s reaffirmation to hold output steady during Q1CY 2026 and by investor concerns of supply chain reliability from geopolitical tensions.