Sensex maintains record-setting run for 6th day, Nifty at new high

Market benchmark BSE Sensex rose by 157 points to close at a fresh life-time high of 37,494.40, continuing its record-breaking run for the sixth session driven by gains in index majors like Reliance and Bharti Airtel.

The broader NSE Nifty advanced 41.20 points or 0.37 per cent to end at a historic high of 11,319.55, bettering its previous record close of 11,278.35 hit on Friday after better-than-expected earnings by corporates.

Reliance Industries rose by 1.78 per cent to close at all-time high of Rs 1,149.70 after it reported its highest-ever quarterly net profit in April-June driven by improved earnings from retail and telecom businesses, and near doubling of earnings from the petrochemical business.

Bharti Airtel was the top gainer among Sensex scrips, climbing by 5.13 per cent despite weak quarterly results.

ICICI Bank rose 4.76 per cent, the country's largest lender SBI climbed 3.75 per cent while Axis Bank gained 2.6 per cent ahead of the Reserve Bank of India's Monetary Policy Committee (MPC) meet to decide on its policy rates.

Experts said the RBI may keep rates unchanged on Wednesday despite high oil prices, an uptick in inflation and a steep hike minimum support prices for Kharif crops.

RBI Governor Urjit Patel-headed Monetary Policy Committee (MPC) began its three-day deliberations in Mumbai today to decide on the key policy rates.

Asian and European stocks, however, declined as markets took cues from declines in Wall Street's last session after investors awaited critical monetary policy decisions this week.

Bank of Japan and the US Federal Reserve will announce their monetary policy decisions this week.

Trading sentiment remained bullish on domestic markets backed by sustained capital inflows by foreign funds and widespread buying by retail investors, driven by strong earnings by some more bluechip companies, brokers said.

The 30-share index also scaled an all-time trading high of 37,533.50 before settling at 37,494.40, up 157.55 points, or 0.42 per cent. The Sensex had hit previous closing record of 37,336.85 on Friday.

The gauge had gained 840.48 points in the previous five record-setting sessions.

The 50-issue NSE Nifty too hit an all-time high of 11,328.10 during the day.

Among major Sensex gainers, Mahindra and Mahindra rose by 2.52 per cent, Vedanta by 2.25 per cent, HUL by 1.90 per cent and ONGC by 1.74 per cent.

Power Grid gained 1.64 per cent, Sun Pharma 1.12 per cent, Maruti Suzuki 0.70 per cent, Tata Steel 0.57 per cent, NTPC 0.55 per cent, Heromotocorp 0.35 per cent, Coal India 0.21 per cent and TCS 0.10 per cent.

Among other banking stocks, Bank of Baroda rose by 9.92 per cent after impressive first quarter results. PNB gained 5 per cent.

However, Infosys fell 1.56 per cent, HDFC Bank 1.41 per cent, L&T 1.19 per cent, Adani Ports 0.90 per cent, HDFC Ltd 0.80 per cent, Kotak Bank 0.48 per cent, IndusInd Bank 0.47 per cent, ITC 0.36 per cent and Wipro 0.36 per cent on profit booking.

HDFC Ltd today reported 54 per cent jump in standalone net profit to Rs 2,190 crore for the first quarter ended June 2018-19.

Among the sectoral index, telecom index rose the most by surging 2.85 per cent, followed by PSU 2.20 per cent, energy 1.32 per cent, banking 1.30 per cent, power 1.18 per cent, oil & gas 0.76 per cent, metal 0.71 per cent, healthcare 0.68 per cent, auto 0.49 per cent, infrastructure 0.39 per cent, consumer durables 0.30 per cent, FMCG 0.28 per cent and realty 0.18 per cent.

While IT, Teck and capital goods indices were under pressure on late selling and shed up to 0.73 per cent.

The broader markets also firmed up as the smallcap index rose by 0.55 per cent and the midcap index by 0.30 per cent.

Globally, Asian stocks declined as markets took cues from declines in Wall Street's last session, with the focus this week shifting to the Bank of Japan, which will declare its interest rate decision on Tuesday.

Nikkei shed 0.74 per cent, Hong Kong's Hang Seng was down 0.25 per cent, while Shanghai Composite index fell by 0.16 per cent.

The Federal Reserve's Federal Open Market Committee will embark on its two-day meeting on Tuesday, with the US central bank expected to announce its decision on Wednesday.

European stocks fell as a drop in metal prices weighed on mining companies and investors awaited critical monetary policy decisions this week.

Frankfurt's DAX fell 0.25 per and France's Paris CAC was down 0.45 per cent. London's FTSE declined 0.34 per cent in their early deals.