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Sensex, Nifty Rise To Record Highs; IT Stocks Rebound

Indian shares rose to fresh record highs on Monday tracking gains across global markets. Sensex rose as much as 235 points to an all-time high of 31,595.46, while the NSE benchmark Nifty surged above the 9,750 mark. Gains were led by IT stocks, which rallied after US jobs growth beat forecasts. The IT sub-index of Bombay Stock Exchange was up 1.42 per cent. TCS was the top gainer in the IT index, up nearly 3 per cent. Infosys, Wipro, HCL Tech, Tech Mahindra also gained between 1.1-2.3 per cent pushing the benchmark indices higher.

As of 9.35 am, Sensex was up 207 points at 31,567.73. Nifty quotes were not updating due to some technical error. Among Sensex stocks, Bharti Airtel was the top gainer, up 3.84 per cent, followed by TCS, Sun Pharma, Lupin, Tata Motors, which rose between 2-3 per cent.

Elsewhere, other Asian shares rallied on Monday, lifted by Wall Street’s strong performance on Friday, while the U.S. dollar extended gains made after much stronger than expected June employment data. MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 0.55 per cent while Japan’s Nikkei rose 0.7 per cent.

 

On Friday, Wall Street closed higher after U.S. jobs growth beat forecasts. However, a lag in wage increases led investors to bet wage data would limit the extent of the Federal Reserve’s hawkishness.

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