Nifty Heads Towards 10,400, Banks Lead Gains

Indian markets recorded fresh peaks on Monday with the BSE benchmark index Sensex hitting a lifetime high of 33,332.06 and the Nifty touching 10,383.75, also a lifetime high. Gains were led by auto, energy, PSUs, banks, consumer durables, metal, realty and infra stocks - up between 0.8 per cent and 3.4 per cent in morning deals. Midcap and smallcap stocks outperformed the broader markets with gains of around 1 per cent. Positive movement witnessed in the other Asian equity markets added to optimism.

Buying by domestic institutional investors (DIIs) also lifted the mood, traders said.

BPCL, ONGC, HPCL, Yes Bank, SBI, Bharti Infratel, Maruti Suzuki India and Hindalco were the top Nifty gainers in morning - up between 1.5 per cent and 3.9 per cent.

Maruti Suzuki India shares hit a 52-week high of Rs 8282.85. On Friday, the country's top-selling carmaker posted a more than 3 per cent rise in its quarterly profit. It reported a profit of Rs 2,484 crore for the second quarter ended September 30, versus Rs. 2,402 crore a year ago.

Other Asian markets saw a firming trend as investors tracked a record closing on Wall Street on Friday.

Technology stocks were the top gainers in MSCI's broadest index of Asia-Pacific shares outside Japan, which was up 0.5 per cent. Seoul shares edged up 0.2 per cent while Australia's benchmark index climbed 0.3 per cent. Japan's Nikkei steadied around the highest since mid-1996, having soared 8 per cent in October so far.

Global share markets have been on an uptrend since the start of the year, helped by solid corporate earnings and positive economic data across major countries. The world share index has surged 17.6 per cent so far in 2017, on track for its best showing since 2013.

At 10:12 am, 36 stocks on the 50-scrip Nifty were trading in the positive zone. The Sensex was up 152.92 points, or 0.46 per cent, at 33,310.14 and the NSE benchmark was up 56.50 points, or 0.54 per cent, at 10,379.55.

(With agency inputs)