Sensex, Nifty Continue At Record Highs; Nifty Bank Index Gains Over 2%

The wholesale price index (WPI) inflation rose sharply to 2.03 per cent in January compared with 1.22 per cent in December on the back of higher fuel prices

Sensex, Nifty Continue At Record Highs; Nifty Bank Index Gains Over 2%

ICICI Bank and HDFC are trading near fresh record peaks of Rs 668.25and Rs 2,843.65 respectively

The BSE Sensex and NSE Nifty are at record highs in afternoon trading on Monday as strong corporate earnings in the December quarter have raised hopes of a quick economic recovery.  At 1:15 pm, the BSE Sensex was trading at 51,144.95, higher by 602.35 points or 1.17 per cent and the NSE Nifty was at 15,321.75, up 157.70 points or 1.04 per cent. 

The Nifty Bank index is the top performing index on the NSE, jumping 865 points or 2.3 per cent. ICICI Bank and HDFC are trading near fresh record peaks of Rs 668.25 and Rs 2,843.65 respectively. Among other financial names, IndusInd Bank, HDFC Bank and Kotak Mahindra Bank have rallied 1.1 per cent to 2.2 per cent each

The broader markets are however, under-performing their largecap peers, with the BSE Midcap index and BSE Smallcap index adding 0.4 per cent and 0.3 per cent respectively.

On the economy front, wholesale price index (WPI) inflation rose sharply to 2.03 per cent in January compared with 1.22 per cent in December on the back of higher fuel prices, data released by Ministry of Commerce & Industry showed. The government, meanwhile, revised the WPI inflation for December to 2.29 per cent from the provisional figure of 2.76 per cent.

Among non-financial stocks, index heavyweights Infosys and Reliance Industries also headed higher by up to half a per cent each on the bourses. On the other hand, ONGC, Tech Mahindra and M&M had shed around half a per cent eaach on the BSE.

The BSE market breadth is even. Out of 3,080 stocks traded on the BSE, there are 1,456 advancing stocks as against 1,057 declines.