Indian equity indexes Sensex and Nifty 50 opened at fresh record highs today (June 10). The surge was led by index leading stocks Reliance Industries and banking stocks with the BSE Sensex trading at 77,014 and the Nifty 50 trading at 23,400. This is the first time that the Sensex has touched the 77,000 mark.
This comes at a time when Narendra Modi was sworn in for a third term as prime minister of the BJP-led National Democratic Alliance (NDA) government, heading the 72-member Union Council of Ministers.
Which stocks led the Sensex rally?
Reliance Industries, Axis Bank, Power Grid, SBI and Kotak Mahindra Bank were the major contributors to the rise in the Sensex index at the start of trade today. Infosys, TCS, HCL Tech and Tech Mahindra were the major laggards on the index. All sectoral indices opened higher except for Nifty IT, which fell 0.9 per cent.
In the Nifty50, Cipla, UltraTech Cement and Power Grid were the top gainers, rising between 2-4 per cent.
On the stock front, IDBI Bank recorded a 5.5% rise after receiving an income tax refund order. ₹Mphasis reported a net profit of Rs 2,702 crore for the financial year 2016-17. Mphasis shares fell 4 percent after reports that Blackstone had sold a 15.6 percent stake in the IT company.
Suzlon Energy’s shares fell more than 5% and Suzlon’s independent director Marc Desaedeleer resigned, citing instances where the cooperative governance standards applied by the company fell short of expectations.
What about FIIs?
Foreign Institutional Investors (FIIs): ₹It stood at Rs 4,391.02 crore on Friday, according to exchange data.
What about global markets and oil prices?
In Asian markets, Tokyo rose and Seoul fell. U.S. markets fell on Friday, with the global oil benchmark Brent crude rising 0.31% to $79.87 a barrel.
