Buying across most sectors - especially metal stocks - pushed the markets higher Domestic stock markets clocked strong gains on Monday with the S-P BSE Sensex index soaring to a record high, tracking global peers on optimism about US-China trade developments.
The Sensex soared as much as 572.3 points to register an all-time high of 40,931.71 during the session, while the broader NSE Nifty 50 index touched 12,084.50 at the strongest level of the session, but still 18.55 points away from its all-time high recorded in June this year.
Buying across most sectors - especially metal stocks - pushed the markets higher.
Here are five things to know about the big movement in markets today:The Sensex ended with a gain of 529.82 points - or 1.31 per cent - at40,889.23 - its highest closing ever, and the Nifty settled up 164.60 points or 1.38 per centat12,079.00.On a closing basis, the Nifty was just10 points away of its all-time closing high of 12,088.55 logged on June 3.Bharti Airtel was the top percentage gainer on both the benchmark indices, ending 7.2 per cent higher after gaining as much as 8.23 per cent during the session.Market breadth favoured gains, with1,413 stocks ending higher and 1,086 closing lower on the BSE.
On the National Stock Exchange (NSE), 1,111 shares advanced whereas 703 declined.Forty four stocks on the Nifty 50 index finished higher.Other than Bharti Airtel, top gainers on the 50-scrip index were Bharti Infratel, Tata Steel, Hindalco and Grasim, rising between 3.69 per cent and 7.37 per cent.On the other hand, Zee Entertainment, ONGC, Yes Bank, Bharat Petroleum and GAIL - ending between 0.29 per cent and 5.33 per cent lower - were the top Nifty laggards.Steelmakers JSW Steel and Tata Steel finished with gains of 3.48 per cent and 5.25 per cent respectively, as global metal prices jumped on positive signals from Washington on China.That helped the Nifty Metal index end 3.09 per cent higher for the day, marking its biggest single-day percentage gain in more than six months.Gains in other Asian markets on hopes of progress in the US-China trade talks boosted sentiment.MSCI's broadest index of Asia-Pacific shares outside Japan bounced 0.8 per cent after US national security adviser Robert O'Brien on Saturday said an initial trade agreement with China was still possible by the end of the year.Analysts awaited macroeconomic data for near-term direction.
The government is due to release official data on GDP growth at 5:30 pm on Friday.Get Breaking news, live coverage, and Latest News from India and around the world on TheIndianSubcontinent.com.
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