Indian equity benchmark Sensex began the new financial year on a bullish note as it reached an all-time high of 39,115 on Monday, but shed significant gains towards the fag-end of the day’s session, eventually finishing higher by nearly 199 points.
The Sensex rallied on hopes of a rate cut by the Reserve Bank of India (RBI) at its upcoming monetary policy review and positive global sentiment after robust Chinese manufacturing activity and progress in US-China trade talks.
The 30-share gauge opened at 38,858.88 and swung nearly 307 points during the day, reaching a record high of 39,115.57 and low of 38,808.74. It finally settled at 38,871.87, rising by 198.96 points, or 0.51 per cent.
Similarly, the NSE Nifty began positively at 11,665.20 and touched a high of 11,738.10 and low of 11,644.75 intra-day.
The 50-share index finally closed at 11,669.15, rising 45.25 points, or 0.39 per cent over its previous close.
Metal, auto, energy and infra sector stocks led the Sensex gains, with Tata Motors, Vedanta, Bharti Airtel, Maruti, Reliance Industries, Tata Steel, Larsen and Toubro and HCL Tech driving the rally. The scrips of these firms rose as much as 7.37 per cent.
Other prominent gainers included Infosys, TCS, State Bank of India, ITC, Yes Bank, Kotak Bank, Hero MotoCorp, Coal India.
Bucking the overall trend, shares of IndusInd Bank, Mahindra and Mahindra, Axis Bank, PowerGrid, HDFC, ONGC, HUL, BajajFinance and HDFC Bank declined.
Sector-wise, metal emerged as the top performing BSE index, surging over 2 per cent. Other top sectoral gainers on the BSE were IT, teck, industrials, energy, telecom and auto. Meanwhile, realty and consumer durables indices saw a decline.
Of the 19 sectoral indices, 12 ended in the green and 7 in the red. The RBI will unveil on Thursday its first bi-monthly monetary policy decision of this new fiscal
The Monetary Policy Committee will meet from April 2 to 4 for the first bi-monthly policy statement for 2019-20. Industry and experts are expecting the central bank to cut the key lending rate — at which it lends to commercial banks — by 0.25 per cent so as to boost the economic activities. —WITH PTI