Sensex hit all-time high in early trade today led by gains in index heavyweights such as Reliance Industries, PowerGrid, Bajaj Finance, Tech, Dr Reddy's Labs and Infosys.
Sensex zoomed 341 points to scale a record high of 52,641 in trade today against previous close of 52,300. Nifty rose 98 points to lifetime high of 15,835 against previous close of 15,737.
Sensex has gained 10.09% or 4,816 points since the beginning of this year and risen 56.75% in one year. Nifty has risen 13.24% or 1,851 points since the beginning of this year.
The 50 stock index has rallied 59.86% or 5,922 points in one year.
Market cap of BSE listed firms rose to a record high of Rs 231.52 lakh crore after indices touched all-time highs in early trade. Investor wealth rose by Rs 1.29 lakh crore against previous close of Rs 230.23 lakh crore.
Here's a look at factors that took the 30-stock index to a record high today.
Easing of lockdown restrictions: On June 7, Delhi, Uttar Pradesh and Maharashtra, among other states, eased Covid-19 lockdown restrictions, allowing shops and businesses to operate for at least 12 hours per day. The move led to positive sentiment among markets participants who were waiting for resumption of business activity.
Fall in Covid-19 cases: A fall in daily number of Covid-19 cases across the country has boosted hopes of complete reopening of the economy which has been reeling under a slowdown for nearly two years. Covid-19 cases in India remained under the 1 lakh mark for the foruth consecutive day today. The country recorded 91,702 new cases of the coronavirus disease with 3403 deaths were reported over the last 24 hours, according to the Union ministry of health and family welfare on Friday.
Rally in metal and IT stocks : Metal stocks pushed the market to record highs today with BSE metal index rising 371 points to 19,193 against previous close of 18,822. BSE IT index too gained 417 points or 1.5% to 28,699 in trade today. The index had closed at 28,282 on Thursday. Auto and oil and gas indices zoomed 155 points each lending momentum to the market rally.
Early arrival of monsoon: The arrival of monsoon in the country ahaed of the schedule will help boost agricultural production in the country and is expected to add to turnaround in the economy. Monsoon has arrived into parts of Gujarat, Madhya Pradesh, Chhattisgarh, Odisha, and remaining areas of Maharashtra, Telangana, Andhra Pradesh six days ahead of schedule, the India Meteorological Department (IMD) said on Thursday. Monsoon is expected to reach Delhi earlier than expected, IMD added.
Buoyant global markets : Asian markets were trading mostly higher today after the S&P 500 index clocked another record high despite a surge in US consumer prices in May. On Thursday, the S&P 500 gained 0.5% to 4,239.18, surpassing its previous all-time high set on May 7. The Dow Jones Industrial Average edged up 0.1% to 34,466.24. The Nasdaq Composite rose 0.8%, to 14,020.33.
In Asia, Tokyo's Nikkei 225 index was unchanged, at 28,959.54, while the Hang Seng in Hong Kong rose 0.4% to 28,851.00. The Kospi in Seoul gained 0.7% to 3,246.20, while the Shanghai Composite index slipped 0.3% to 3,601.82.