Sensex Opening Bell: Stock market continues record jump; Sensex rises 327 points, Nifty crosses 25900 for first time
New Delhi| After gains in Asian markets, Indian benchmark equity indices were seen trading in the green on Monday. During this period, due to jumps in Bharti Airtel, M&M and HDFC Bank, domestic indices opened at new record highs. At 9:18 am the BSE Sensex was seen trading at 84,831, up 287 points or 0.34%. Whereas Nifty50 was seen trading at 25,891, up by 100 points or 0.39%.
Benchmark indices hit new all-time highs on optimism that the situation in the US economy could remain normal. Experts expect that after a substantial cut of 50 basis points on Wednesday, the Fed could now make another 50 bps cut in interest rates on Nov. 7. According to CME FedWatch, the probability of this happening at the next Fed policy meeting is 50.3%.
Among Sensex stocks, Bharti Airtel, M&M, SBI, Kotak Mahindra Bank, Tata Steel and HDFC Bank opened with gains, while ICICI Bank, IndusInd Bank, HCL Tech, Power Grid and Infosys saw a decline. On the sectoral front, Nifty Pharma grew by 1%, while Nifty Auto grew by 0.9%. Nifty Financial Services, FMCG, Media, PSU Bank, Realty and Consumer Durables also opened with gains.
Speaking of individual shares, the company’s shares rose 8% after Vodafone Idea signed a $3.6 billion network equipment deal with Nokia, Ericsson and Samsung. BHEL shares also opened with gains of over 3% after receiving an order worth Rs 6,100 crore from NTPC.
