Indian equity indices hit record high

The top gainers on the Sensex were Power Grid, State Bank of India, ICICI Bank, Yes Bank and Kotak Mahindra Bank, while Sun Pharma was the only loser so far.

The key Indian equity indices - S&P BSE Sensex and the NSE Nifty50 - crossed the psychological marks of 36,700 points and 11,700 points for the first time on Monday before closing the day's trade just below the landmark levels.

Supported by firm global cues, the Sensex and the Nifty 50 touched their all-time high levels of 38,736.88 points and 11,700.95 points respectively and also settled at record closing levels.

Healthy buying was witnessed in banking, consumer durables and IT stocks, analysts said. The S&P BSE banking index surged around 530 points during the day.

At 3.30pm, the wider Nifty50 on the National Stock Exchange provisionally closed at 11,691.95 points, higher by 134.85 points or 1.17 per cent from its previous close of 11,557.10 points.

The benchmark BSE Sensex, which had opened at 38,472.03 points, closed at 38,694.11 points, higher by 442.31 points or 1.16 per cent from its previous close of 38,251.80 points. It touched an intra-day low of 38,416.73 points.

The top gainers on the Sensex were Bharti Airtel, Power Grid, ICICI Bank, State Bank of India and Infosys, while Sun Pharma was the only loser during the day.
World stocks rise
Global markets rose on Monday as dovish comments from US Federal Reserve chairman Jerome Powell assured investors that the country's economic growth was on track amid simmering trade tensions with China.
In Europe, Germany's DAX gained 0.4 per cent to 12,437.74. The CAC 40 in France was 0.4 per cent higher at 5,451.37. British markets were closed for a summer bank holiday. Major US indexes were set to open higher. S&P 500 futures added 0.2 per cent to 2,883.75. Strong corporate earnings have boosted the benchmark index, which closed on Friday at an all-time high. Dow futures rose 0.3 per cent to 25,871.00.
Japan's benchmark Nikkei 225 index added 0.9 per cent to 22,799.64 and South Korea's Kospi rose 0.3 per cent to 2,299.30. Hong Kong's Hang Seng jumped 2.2 per cent to 28,271.27. The Shanghai Composite rebounded 1.9 per cent to 2,780.90. Australia's S&P/ASX 200 gained 0.3 per cent to 6,268.87. Taiwan's benchmark rose and Southeast Asian indexes were mostly higher.
Powell sketched a positive picture of the US economy on Friday and said the Fed's incremental approach to raising rates has so far succeeded. "The economy is strong. Inflation is near our two per cent objective, and most people who want a job are finding one. We are setting policy to do what monetary policy can do to support continued growth, a strong labour market and inflation near two per cent," Powell said, at an annual conference of central bankers in Jackson Hole, Wyoming.
The chairman's measured tone about the economy and his message that the Fed plans to stick with a gradual pace of rate hikes appeared to sit well with investors. The Dow Jones industrial average closed up 133 points - about half a percentage point - and bond prices rose as well.
The United States and China have imposed 25 per cent tariffs on $16 billion of each other's goods including automobiles, factory equipment and other goods. On Thursday, US and Chinese negotiators ended two days of meetings without breaking a deadlock over trade that has unnerved financial markets and disrupted global commerce. Lindsay Walters, a White House spokeswoman, said the delegations exchanged views on achieving a balanced economic relationship, without mentioning further talks. China's Commerce Ministry said the talks were constructive and the sides would maintain contact, but didn't give details.
"The lingering theme from last Friday had been the Jackson Hole symposium which was perceivably dovish, enthusing equity markets into the end of the week," Jingyi Pan of IG said in a commentary. "Still, the watch lies with data as we head into the end of the month while keeping that keen eye on trade tensions after last week's failed talks," she added.
Benchmark US crude dropped 21 cents to $68.51 a barrel in electronic trading on the New York Mercantile Exchange. The contract gained 1.3 per cent to settle at $68.72 per barrel on Friday. Brent crude, used to price international oils, shed 17 cents to $75.65 in London.
The dollar eased to 111.19 yen from 111.20 yen in late trading Friday. The euro slipped to $1.1611 from $1.1625.
- IANS & AP