Equity markets on Monday touched a record high amid a decline in crude oil prices and major buying in index major Reliance Industries, PTI reported.
The 30-share BSE Sensex jumped 211 points to end at 62,504, while the broader 50-share NSE Nifty rose by 50 points to end at 18,562.
During the day, Sensex had jumped 407.76 points or 0.65% to its highest intra-day peak of 62,701.40.
Monday’s market gains were led by Reliance Industries which saw an increase of 3.48%. It was followed by Nestle, Asian Paints, Bajaj Finserv, Wipro, ICICI Bank and IndusInd Bank.
Tata Steel, Bharti Airtel, HDFC Bank, HDFC and Mahindra & Mahindra were among the laggards.
Vinod Nair, head of research at Geojit Financial Services, said that the market reversed its early losses despite unfavourable global cues, reported The Economic Times.
“Following the decline in oil prices, oil and gas stocks led the rally in anticipation of margin gains, as ongoing protests in China fuelled demand concerns,” Nair said. “Going ahead, global markets will depend on [US Federal Reserve Chair] Jerome Powell’s speech on Wednesday, which is crucial in maintaining the momentum.”
On Monday, the price of Brent crude stood at $80.92 (Rs 6,600.12) – its lowest since January 4, according to Reuters. Brent is a global price benchmark for crude oils from the Atlantic basin.