Indian benchmark equity indices, Sensex and Nifty50, opened with fresh record highs on
Monday, led by index heavyweight Reliance Industries and banking stocks.
The BSE Sensex was trading 321 points, or 0.42%, higher at 77,014. The Nifty50 was up 110 points, or0.47%, trading at 23,400 around 9:19 am. This is the first time that Sensex has
hit the 77,000 mark. Agencies

Reliance Industries, Axis Bank, Power Grid, SBI, and Kotak Mahindra Bank emerged as the leading contributors to the Sensex’s gains in early trade. However, Infosys, TCS, HCL Tech, and Tech Mahindra exerted downward pressure on the index.

Barring Nifty IT, all sectoral indices opened higher. Nifty IT fell 0.9% in early trade after strong U.S. monthly jobs data fanned worries of delayed rate cuts bythe Federal Reserve.IDBI Bank witnessed a notable surge of 5.5% after receiving an income tax order that determined a refund of Rs 2,702 crore for the assessment year 2016-17.

On the other hand, Mphasis experienced a decline of 4% following reports of Blackstone offloading a 15.6% stake in the IT firm.

“It is important to understand that the major driving force in this bull market is the Indian retail investors including HNIs. Big selling by FIIs is getting eclipsed by the aggressive buying of DIIs and retail investors. The fact that retail investors bought equity for Rs 21179 crores on June 4th, the day Nifty tanked 5.9%, indicates the buying power and optimism of the retail investors,”said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.