New Delhi: The equity index surged to new highs on Monday with BSE Sensex benchmarks up more than 750 points led by increases in car and metal stocks.
After the scaling to the new highest intra-day 56,958, the 30-share BSE Sensex completed 765 points or 1.36 percent higher at a record high of 56,890.
Meanwhile, the wider NSE settled 226 points or 1.35 percent at the new peak of 16,931.
Bharti Airtel, bank axis, Tata Steel, Titan, Bajaj Finance and Maruti are the top enhancers in the sensex package up by 4.44 percent.
While Tech Mahindra, Nestle India, Infosys and TC are the only losers that fall to 1.88 percent.
On the NSE platform, a good metal sub-index, automatic, bank, realty rose as much as 2.47 percent.
Here are the main reasons behind today’s surge: * Rally in Metal, Auto Aluminum Stock and Hindalco Industrial Copper Producers and Car Maker Tata Motors are one of the top players on the Nifty 50 index, up more than 2 percent.
Bharat Forge Car Parts Supplier, Sona BLW Precision Strike, and Sandhar Technology jumped 6.2 percent-13.7 percent after reporting that US electric car maker Tesla Inc.
was in talks with at least three local companies for electronic critical sources, electricity and mechanical Components as part of the plan to enter the Indian market.
* The US Stancemarketing Dovish Federal Reserve sentiment is widely supported by the Federal Reserve Signal Signal Jerome Powell that the US central bank will remain patient in holding out his stimulus.
Powell stressed the recovery of the US economy and explained why there was no rush to tighten monetary policy.
He gave a detailed story of why he considered a surge in inflation as a while and did not challenge the signal when the central bank planned to cut the purchase of assets outside saying it could be this year.
“The sentiment is very bullish and there is a possibility of hitting more records told the Reuters news agency.
* The positive global cuesus equity is optimistic last week with the three main indices in the US recorded a weekly increase in a tone of 1-2.8 percent, Modi added.
Wider Asian stocks rose after Powell hit the dovish tone during his long-awaited speech, even though investors remained cautious about the growth prospects in China.
Japanese Nikkei rose 0.4 percent while Hong Kong shares were 0.35 percent higher.
South Korea Kospi rose 0.32 percent.
* The economic factors of macrosinvestor sentiment are also encouraged at expectations that the country’s economic growth is likely to touch the highest record in the quarter to June at a low effect.
The center is scheduled to release gross domestic product data (GDP) for the first quarter which ended June 30 on August 31.
In addition, policy reform, facilitation of investment and ease of doing business have resulted in an increase in foreign inflows to the country.
Direct Foreign Investment (FDI) to the country rose more than doubled to $ 17.57 billion during April-June fiscal because of actions such as policy reform and ease of doing business.
Inflow of FDI equity grew by 168 percent in the first three months 2021-22 ($ 17.57 billion) compared to last year ($ 6.56 billion).
* Rising in the Rupeehe Indian Rupee appreciates 31 Paise to 73.38 against the US dollar in opening trading on Monday, tracking positive trends in domestic equity.
With this, the rupee rises to be the strongest in two and a half months.
In foreign exchange, the Rupee opened at 73.46 against the dollar, then jumped higher to 73.38, up 31 Paise as long as it was closed before.
(With input from agency)