Markets continue to rally for 7th day running

Equity benchmark indices extended their rally for the seventh day running on Monday as investors continued to remain optimistic about the domestic markets

Mumbai: Equity benchmark indices extended their rally for the seventh day running on Monday as investors continued to remain optimistic about the domestic markets.

Buying in index majors Reliance Industries and Tata Consultancy Services also added to the winning momentum in equities. The 30-share BSE Sensex climbed 293.7 points to 66,892.61 in early trade. The Nifty advanced 95 points to 19,914.95.

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Among the Sensex firms, HCL Technologies, Maruti, State Bank of India, Tata Consultancy Services, Tata Motors, Wipro, Nestle, Reliance Industries, Larsen & Toubro and UltraTech Cement were the major gainers. IndusInd Bank and Bharti Airtel were the laggards.

In Asian markets, Shanghai quoted with gains while Seoul, Tokyo and Hong Kong traded lower. The US markets ended in the positive territory on Friday.
Global oil benchmark Brent crude declined 0.18 per cent to USD 90.49 a barrel.

The BSE benchmark had jumped 333.35 points or 0.50 per cent to finish at 66,598.91 on Friday. The broader Nifty advanced 92.90 points or 0.47 per cent to settle at 19,819.95.

“The G20 Delhi declaration and India’s diplomatic triumph can trigger continuation of the positive market mood and momentum,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

In the present favourable market mood, Nifty is likely to make another attempt at a record high trying to conquer the psychological mark of 20,000, Vijayakumar said adding that however, investors have to be cautious since fundamentals do not support a sustained rise above 20,000.

“The market is ignoring worries arising out of crude at USD 90 a barrel,” he added.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 224.22 crore on Friday, according to exchange data.