Nifty, Midcap open at record high; Sensex up 175 pts on global cues
Equity benchmarks started off the week on a strong note as the Nifty50 and Midcap opened at fresh record highs while the Nifty Bank soared over 25,000 level, tracking global cues.
The 30-share BSE Sensex was up 175.72 points at 32,448.33 and the 50-share NSE Nifty rose 63.20 points to 10,148.60.
L&T, Bharti Infratel, HDFC Bank and Tata Motors were leading contributors to Nifty's gains. Sun Pharma, Adani Ports, Dr Reddy's Labs and ONGC were only losers among Nifty50 stocks.
About four shares advanced for every share falling on the BSE.
Nifty Midcap was up 0.8 percent. Among midcaps, Goa Carbon, Bombay Dyeing, Graphite India, HEG, Speciality Restaurants, Jubilant Foodworks, Cadila Healthcare, ICICI Prudential and TVS Electronics gained up to 10 percent.
Asian shares gained as investors anticipated clues on the direction of monetary policy from central banks later in the week.
Inderjeet Bhatia of Macquarie said domestic liquidity is a sign of financialisation of savings but also the lack of options to invest in productive enterprises.
A significant primary market pipeline along with large government issuances will challenge market valuations, according to him.
"Our stock selection is entirely bottom-up based either on the maintaining of trend growth or on significant earnings upgrades over consensus,"
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