Amid strong flows from foreign investors and a positive trend in the global markets, the benchmark Sensex breached the 39,000-mark for the first time ever on Monday, before profit booking pared most of the intra-day gains.
The 30-share Sensex touched a high of 39,115.57 during the day, gaining nearly 443 points compared to the previous day’s close of 38,672.91. However, the index finally closed at 38,871.87, up 198.96 points.
The gains in the index were primarily led by auto, metal and energy stocks with Tata Motors, Vedanta, Tata Steel, Maruti Suzuki India and Reliance Industries among the top gainers. The broader Nifty of the NSE settled the day at 11,669.15, up 45.25 points, or 0.39%.
Elsewhere, benchmark indices like Hang Seng, Nikkei and Kospi all ended the day with gains. Back in India, the broader market breadth was also strong with nearly 1,700 gainers on BSE, as against 913 declines. “Markets started the financial year on an optimistic note and settled with modest gains amid volatility,” said Jayant Manglik, president — retail distribution, Religare Broking.
“It opened strong, taking cues from the global counterparts and moved gradually higher as the session progressed. However, profit taking in last hour of the trade trimmed the gains. Markets are almost on the verge of making a new record high so any consolidation or profit taking should be considered as buying opportunity,” said Jayant Manglik, president, retail distribution, Religare Broking.
The Sensex is now less than 25 points away from its all-time closing high of 38,896.63 of August 28, 2018. Further, record flows have been seen from foreign investors who have invested nearly ₹34,000 crore in March — the highest ever.
The only other instance of foreign investments crossing ₹30,000 crore in one month was in March 2017, when the net investment was pegged at ₹30,906 crore.
