The BSE benchmark Sensex rallied 617.14 points, or 1.22 per cent, to close above the 51000-mark for the first time on Monday as the market capitalisation of BSE listed companies at around Rs 202 lakh crore exceeded the nominal GDP of Rs 194.82 lakh crore forecast for the fiscal by India’s National Statistical Office.
The Sensex had closed above 50000 for the first time just four sessions ago on February 3.
Similarly, the broader NSE Nifty surged 191.55 points, or 1.28 per cent, to its lifetime closing high of 15115.80. It touched an intra-day record of 15159.90.
A persistently bullish trend in the global markets further bolstered risk appetite, traders said.
After touching a lifetime high of 51523.38 during the day, the 30-share BSE Sensex ended 617.14 points, or 1.22 per cent, higher at its record closing peak of 51348.77.
Mahindra and Mahindra (M&M) was the top gainer in the Sensex pack, soaring 7.23 per cent, followed by Bajaj Finserv, Bharti Airtel, PowerGrid, Infosys and ICICI Bank.
On the other hand, HUL, Kotak Bank, Bajaj Finance, ITC, Bajaj Auto and Sun Pharma closed in the red, dropping up to 1.43 per cent.
“Strong global cues supported the domestic rally. PSU Banks, which were on a bull run, paused on Monday with some correction seen in FMCGs.
“The overall market is maintaining its buoyancy with a rally in all sectors especially auto, IT and metals. Improved domestic outlook is encouraging sustained FPI inflows,” said Vinod Nair, head of research at Geojit Financial Services.
Sector-wise, BSE auto, metals, industrials, telecom, utilities and tech indices rallied as much as 3.07 per cent, while the FMCG index closed with losses.
In the broader markets, the BSE midcap and smallcap indices rose up to 1.53 per cent.
Global shares marched to record highs on hopes that US President Joe Biden’s $1.9 trillion Covid-19 relief package will be passed by lawmakers soon.
Elsewhere in Asia, bourses in Shanghai, Hong Kong and Tokyo ended with significant gains, while Seoul was in the red.
Stock exchanges in Europe were trading on a positive note in mid-session deals.
Meanwhile, the global oil benchmark Brent crude crossed the $60 per barrel mark after more than a year on improving demand prospects.
The rupee dropped 4 paise to close at 72.97 against the US currency on Monday because of a strong dollar sentiment and dollar buying by importers. However, sustained foreign fund inflows and strong gains in equity markets restricted the rupee’s fall, traders said.