Equities surge on positive global cues, Nifty50 at record high

Positive global cues, along with healthy buying in automobile, capital goods and banking stocks, lifted the Indian equity markets, with the NSE Nifty50 touching record high levels during the mid-afternoon trade session on Monday.

According to market observers, the rally was aided by persistent pumping in of funds by domestic investors.

At 12.30 p.m., the wider 51-scrip Nifty50 of the National Stock Exchange (NSE) traded at a fresh new level of 10,164.25 points -- up 78.85 points or 0.78 per cent -- after touching a record intra-day high of 10,167.15 points.

Earlier, the Nifty50 had touched a record intra-day high of 10,137.85 points on August 2.

The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 32,361.37 points, traded at 32,474.38 points -- up 201.77 points, or 0.63 per cent, from its Friday's close at 32,272.61 points.

The Sensex has so far touched a high of 32,508.06 points and a low of 32,361.25 during intra-day trade.

The BSE market breadth was bullish -- 1,586 advances and 827 declines.

"Benchmark indices opened higher with Nifty hitting new record high, crossing 10,150, surpassing the previous milestone of 10,137," said Dhruv Desai, Director and Chief Operating Officer of Tradebulls.

"Strong buying from domestic institutional investors (DIIs) has supported the 24 per cent rally in Indian stock markets this year. According to estimates, they have pumped in around Rs 70,000 crore into stock markets this year till September," Desai told IANS.

On Friday, the benchmark indices closed on a flat note as weak global cues on the back of recurring geo-political tensions, coupled with profit booking, subdued investors' sentiments.

The Sensex closed with marginal gains at 32,272.61 points -- up 30.68 points, or 0.10 per cent, while the Nifty50 inched down 1.20 points, or 0.01 per cent, to close at 10,085.40 points.