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Sensex & Nifty Closes At Record Levels: SBI, ICICI Bank Shares Jump 3%

Hopes of healthy monsoon rains supported views that rural demand was expected to rise in the coming months, according to analysts.

Domestic stock markets, extended gains to a second straight session, with the BSE Sensex closing 135 points higher on Monday. Banking and financial stocks led advances in the markets while HDFC Asset Management Company shares registered a strong market debut, closing 65 per cent higher against the issue price.

BSE benchmark index Sensex closed at 37,691 while the NSE Nifty settled 26 points, or 0.23 per cent, higher at 11,387, marking fresh record closing highs for both the indices.

Indian equities also took support from mild gains in other Asian peers.

Things to know about Monday’s trading session:

1. Top gainers on the 50-scrip index were State Bank of India (SBI), Axis Bank and ICICI Bank, ending between 3.1 per cent and 3.7 per cent higher.

2. The Nifty Bank, the NSE’s sectoral index comprising banking stocks, rose 0.7 per cent. Other prominent gainers included state-run Punjab National Bank, ending 2 per cent higher. The Nifty PSU bank settled 2.6 per cent higher. Indian Bank, Union Bank of India and Bank of India rose around 2.5-3 per cent each.

3. Hopes of healthy monsoon rains supported views that rural demand was expected to rise in the coming months, according to analysts. Weather office IMD or India Meteorological Department had last week forecast average rainfall during the final two months of the crucial monsoon season. Southwest monsoon, which spans from June to September, is crucial for agriculture growth in India as it delivers nearly 70 per cent of rainfall required for farming.

4. Indian equities also took support from mild gains in other Asian peers. MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.33 per cent China’s efforts to stop sharp declines in its currency and capital flight supported sentiment in the region. However, escalating Sino-US trade conflict capped gains.

5. Meanwhile, domestic institutional investors (DIIs) net purchased shares worth Rs. 87.08 crore last Friday, while net sales by foreign portfolio investors (FPIs) stood at Rs. 5.87 crore, provisional data from stock exchange NSE showed.

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Sensex & Nifty Closes At Record Levels: SBI, ICICI Bank Shares Jump 3%
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Rajesh Minj PL Bhagat Parul Mathur sushil mishra
shailendra singhdev roshan gupta rohit bargah ramesh gupta
prabhat khilkho parul mathur new pankaj narendra yadav
manish sinha amos kido ashwarya chandrakar anuj akka
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madhuri kaiwarta keshav prasad chauhan Tahira Begam Parshad ward 11 katghora krishi mandi
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