Market at all-time high! Sensex jumps over 450 points to cross 65,000 mark; Nifty tops 19,300; Suzlon Energy up 10%

Indian equity benchmarks traded higher in early deals on Monday to touch their all-time high levels. The domestic indices were up led by gains in metals, banks, financials, automobile, consumer durables and energy. The 30-share BSE Sensex pack rose 451 points or 0.70 per cent to hit an all-time high of 65,169, while the broader NSE Nifty moved 129 points or 0.66 per cent up to trade at its lifetime peak of 19,318. Mid- and small-cap shares were positive as Nifty Midcap 100 rose 0.42 per cent and small-cap surged 1.11 per cent.

SGX Nifty, the early indicator of the domestic benchmarks, shifted base from Singapore Exchange to NSE International Exchange, effective from today. All SGX Nifty positions have been converted to GIFT Nifty positions.

On the global front, Asian equities edged higher today. Wall Street equities rose on Friday.

Back home, foreign institutional investors (FIIs) bought Rs 6,397 crore of Indian equities on a net basis during the previous session, while domestic investors purchased Rs 1,198 crore of shares, as per provisional NSE data.

"The ongoing rally in global stock markets is primarily driven by the surprising and unexpected strength of the US economy. An important point of distinction between the rally in US and in India is that the US rally is primarily being led by 8 tech stocks while the Indian rally is more broad based. Sustained FPI flows is the main driver of the rally in India. Since, the strength of the market momentum is high, the rally can continue but valuations are getting stretched," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

14 out of the 15 sector gauges -- compiled by the National Stock Exchange -- were trading in the green. Sub-indexes Nifty Metal, Nifty Bank, Nifty Financial Services, Nifty Auto, Nifty Consumer Durables and Nifty Oil & Gas were outperforming the NSE platform by rising as much as 1.20 per cent, 0.66 per cent, 0.81 per cent, 0.79 per cent, 0.68 per cent and 0.55 per cent, respectively.

On the stock-specific front, JSW Steel was the top gainer in the Nifty pack as the stock gained 2.79 per cent to trade at Rs 806.70. HDFC twins (HDFC and HDFC Bank), Eicher Motors and Grasim Industries Mahindra rose up to 2.40 per cent. On the flipside, Nifty Realty shed 0.03 per cent.

In contrast, PowerGrid, Maruti, Sun Pharma, UPL and Tech Mahindra were among the top laggards.

The overall market breadth was positive as 2,121 shares were advancing while 873 were declining on BSE.

On the 30-share BSE index, HDFC duo, Reliance Industries, ICICI Bank, SBI, Infosys, M&M and UltraTech Cement were among the top gainers.

Also, Suzlon Energy, Mazagon Dock Shipbuilders, HLE Glasscoat HFCL and Sterlite Tech surged up to 10 per cent. In contrast, UTI AMC, Tamilnad Mercantile Bank, Saregama and Godrej Consumer Products slipped up to 2.43 per cent.

The domestic benchmarks settled at their fresh record closing highs on Friday. Sensex had jumped 803 points or 1.26 per cent to close at 64,719, while Nifty had moved 217 points or 1.14 per cent to end the session at 19,189.

Nifty outlook

"On Friday, we had opined about lack of visibility past 19,200. But despite rising through the day and ending the day exactly near 19200, we were unable to spot outright bearish signs. This encourages us to look for extension in uptrend, initially aiming the 19,300-19,400 region. Alternatively, inability to float above 19,180 could lead to buyers pulling back at least until 19,100 or 18,980," said Anand James, Chief Market Strategist at Geojit Financial Services.

Also read: Aditya Birla Capital shares in focus as BlackRock, ADIA emerge as investors in QIP

Also read: Paytm shares at Rs 1,050? Motilal Oswal revises share price target. Here's why