Indian equity indices hit fresh highs, consumer durables surge
Despite trading on a cautious note, the key Indian equity indices on Monday scaled fresh highs during intra-day trade, as healthy buying was witnessed in consumer durables, oil and gas, and capital goods stocks.
The NSE Nifty rose to a new high of 9,686.55 points and the Sensex that of 31,355.42 points intra-day.
Market observers pointed out that investors were cautious ahead of the Reserve Bank of India's two-day monetary policy review that begins on Tuesday.
Around 12.50 p.m., the wider 51-scrip Nifty of the National Stock Exchange (NSE) rose by 22.55 points or 0.23 per cent to trade at 9,676.05 points.
The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 31,274.74 points, traded at 31,307.54 points - up 34.25 points or 0.11 per cent, from it's previous close at 31,273.29 points.
The BSE market breadth was bullish - with 1,398 advances and 1,069 declines.
Sector-wise, the S&P BSE consumer durables index shot up by 1,028.44 points or 6.57 per cent, followed by the capital goods index (up 159.90 points or 0.90 per cent) and the oil and gas index (up 133.49 points or 0.96 per cent).
Bajaj Auto, ONGC, Axis Bank, Adani Ports and Larsen and Toubro were the top gainers on the BSE platform.
Last week, the benchmark indices scaled new highs on optimism about a normal monsoon and the Goods and Services Tax (GST) roll-out.
The Nifty closed at a new high of 9,653.50 points and a fresh intra-day high of 9,673.50 points.
The Sensex, too, closed at a new high of 31,273.29 points after scaling a record high of 31,332.56 points intra-day.