Mumbai: The bullish streak continues in the Indian stock market. Indian stock markets opened at record breaking levels on Monday on the first trading day of the week following strong cues from global markets. The stock market hit a new all-time high on Monday. Sensex has crossed the 65 thousand mark for the first time. While Nifty has also crossed 19300 for the first time. Metals and banking stocks contributed the most to the all-round rally in the market.
Currently the Sensex is trading at 65,142.76 points with an increase of 424.20 (0.66%) points while the Nifty is trading at 19,305.60 points with an increase of 116.55 (0.61%). Out of 30 Sensex stocks, 21 are up and 9 are down during the opening trade.
The stock market hit an all-time high on Friday
Earlier, Sensex and Nifty had closed at record highs on June 30. The stock market hit an all-time high on Friday. The Sensex rose 803 points to close at 64,718. The Nifty also rose 216 points to close at 19,189. This is the all-time closing high for both Sensex and Nifty. Not only that, Sensex touched the level of 64,768 and Nifty 19,201 during the trading session.
Nifty Auto hits 52-week high
Nifty Auto touched a 52-week high of 15,198 after the monthly sales figures were released. Meanwhile, Nifty Metal, Nifty Financial Services and PSU Bank were trading in the green. In the broader market, Nifty Midcap 100 gained 0.44% and Nifty Smallcap 100 gained 1.10%.
Causes of historical booms in the stock market
- Strong rally in global stock markets
- Investment in Indian stock market by foreign investors
- Rupee strength against dollar
- Low inflation
- Strong buying in largecap stocks