New Delhi: On Monday, the BSE Sensex made a record high crossing the 39,000 mark for the first time, extending the market rally which was fuelled by strong inflows from foreign portfolio investors and hopes of the incumbent Narendra Modi government coming back to power in the upcoming general elections. The BSE benchmark touched a record high of 39,028.67, up over 330 points from Friday's closing of 38,672.91.
Meanwhile, the NSE benchmark Nifty50 index crossed the 11,700 mark making an intraday high of 11,715.65, 45 points away from its all-time high of 11,760.20. Gains in the market were led by metal, IT and banking stocks. Among the Nifty50 stocks, Hindalco was the top gainer, up 5.55 followed by Tata Motors and Vedanta which rose over 45 each. Tata Steel , Wipro, L&T, Maruti Suzuki, HCL Tech, ICICI Bank, Bharti Airtel were the other top gainers in the index rising between 1.5-3.5%.
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Gains in the market were also led by positive Asian shares. South Korea's KOSPI rose 1%, Japan's Nikkei gained more than 2% and Hong Kong's Hang Seng Index climbed 1.62%. China and the US gave signs of some progress in their last week's discussions on the trade tariff tussle, with another round of talks scheduled to be held this week in Washington. The BSE Sensex had risen over 127 points to close at 38,672.91 on Friday -- the last trading day of fiscal 2018-19 during which the benchmark posted a rise of 17.30 per cent.
The broader NSE Nifty closed at 11,623.90, capping off the financial year with a gain of 14.93 per cent. Investors' wealth zoomed Rs 8.83 lakh crore during 2018-19, with the market capitalisation (m-cap) of BSE-listed companies reaching Rs 1,51,08,711.01 crore. A major part of the rally in the previous month was led by banking and financial services stocks like SBI, ICICI Bank, Indiabulls Housing Finance, Axis Bank, Kotak Mahindra Bank. The Nifty Bank, NSE's sub-index for banking stocks, also touched an all-time high of 30,646 today.
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