Sensex, Nifty hit record highs as rally continues on Narendra Modi's return; Tata Steel, Yes Bank among major gainers

Mumbai: Domestic equity benchmarks BSE Sensex and NSE Nifty on Monday closed at another record highs as investors continued to cheer the decisive mandate for the Narendra Modi’s BJP in the national election. After rallying nearly 400 points, the 30-share index ended 248.57 points, or 0.63 percent, higher at 39,683.29 – its all-time closing high. The gauge hit an intra-day high of 39,821.94 and a low of 39,353.16. Likewise, the broader NSE Nifty jumped 80.65 points, or 0.68 percent, to 11,924.75 – a closing peak for the index. During the day, the bourse hit a high of 11,957.15 and a low of 11,812.40. [caption id=“attachment_4411019” align=“alignleft” width=“380”] Representative image. Reuters [/caption] Tata Steel was the biggest gainer in the Sensex pack, rallying 5.78 percent; followed by Yes Bank, NTPC, L&T, Axis Bank, SBI, M&M, HDFC twins, Vedanta, HUL, PowerGrid, ICICI Bank, Kotak Bank, HCL, TCS and ITC, gaining up to 3.79 percent. On the other hand, IndusInd Bank, RIL, Asian Paints, Bharti Airtel, ONGC, Maruti, Bajaj Auto, Tata Motors, Bajaj Finance, Coal India, Hero MotoCorp, Sun Pharma and Infosys ended in the red, shedding up to 2.37 percent. The broader BSE midcap and smallcap indices outperformed benchmarks, ending up to 1.77 percent higher. According to experts, the market is witnessing a board-based rally expecting better outlook for the economy in the next one to two quarters, experts said. Domestic and foreign investors have been euphoric ever since Modi-led NDA registered a thumping victory in the Lok Sabha polls. Foreign institutional investors bought equity worth Rs 2,026.33 crore on Friday, while domestic institutional investors sold shares to the tune of Rs 195.35 crore, provisional data available with stock exchanges showed. Meanwhile, the Indian rupee depreciated marginally to 69.59 against the US dollar. Brent crude, the global benchmark, was trading at $67.50 per barrel, higher by 0.04 percent. Globally, bourses in Asia ended on a mixed note, while those in Europe were trading in the green in their respective early deals.