Early Diwali for D-Street as Sensex, Nifty enjoy record-high
The Diwali week flagged off with record highs as the market witnessed a record high in the Sensex and Nifty, giving investors a reason to rejoice.
Mumbai (Maharashtra): The Diwali week flagged off with record highs as the market witnessed a record high in the Sensex and Nifty, giving investors a reason to rejoice.
While the Nifty hit a fresh high of 10,242.95 in morning trade on Monday, the S&P Bombay Stock Exchange's (BSE) Sensex reported a new high of 32,687.32.
According to market expert Sunil Shah, the buoyancy of the market is expected to stay put this week, with the 'Mahurat trading' scheduled for Thursday.
"The Diwali week has begun early for the stock market, with the new highs in Nifty 50 and Sensex, giving investors a chance rejoice. Equity-wise, we can say that Diwali has come to Dalal Street, as there are more funds in the capital market. There has been a shift from bank deposits to mutual funds, as rates are unattractive in terms of the former. It looks like the gains will continue during the week," Shah told ANI.
Nearly 130 stocks rose to a fresh 52-week high on the BSE, in the opening trade of the Diwali week.
The telecom index gained around 3.33 percent, attributable to a 9.88 percent rise in the shares of TTML, while those of Idea and Bharti Airtel were up by 5.32 and 4.54 percent respectively.
After a temporary dip, the market indicators gained strength towards the afternoon, in lieu of strengthening of automobile, IT and FMCG stocks.
As per statistics from the afternoon trade, Sensex surged 206.16 points to 32,638.85, while the Nifty 50 gained 64.85 points, with reporting numbers being 10,232.30.