The benchmark indices Sensex and Nifty on Monday managed to end the range-bound session at new closing peaks of 31,309 and 9,675, respectively, helped by the country’s GST preparedness and investors’ focus on banking counters ahead of the RBI policy.
The domestic equities continued their stellar record- breaking stint for the second session today, with stock benchmarks capturing new intra-day highs on the back of strong liquidity driven rally amid mixed global cues.
Banking stocks were instrumental in driving the today’s Sensex gains, with Axis Bank, ICICI Bank and HDFC Bank closing in the green.
The market sentiment also got a boost after the GST Council last week finalised rates for some pending commodities, which take the process a step closer to the roll out of the new indirect tax regime from July 1.
Anand James, Chief Market Strategist, Geojit Financial Services ltd, said, “Banks hauled indices higher, helped by increased optimism over NPA resolution, while GST rates announced over the weekend were also instrumental in fuelling a few stock rallies in the midcap space. However, global cues were mixed...”
Besides financials, mild buying in select counters such as consumer durables, realty, capital goods, telecoms, industrials and energy predominantly propelled the flagship Sensex to conquer a fresh life-time high of 31,355.42 before ending at a historic peak of 31,309.49.
But, counters like metal, utilities and power witnessed some profit-booking.
The broader Nifty also climbed a new high of 9,687.20 before ending at a record close of 9,675.10.
Domestic bourses largely outperformed their Asian peers which were broadly lower, if not by much, with investors casting sidelong glances at the US economy following last Friday’s disappointing employment data.