Nifty Hits all Time High Ahead of Budget, Sensex Opens Higher with Surge in IT Stocks

At 10:30 am on Monday, BSE Sensex and NSE Nifty surged by 0.44 percent and 0.25 percent respectively, ahead of the budget scheduled for Thursday. The Indian rupee strengthened by 4 paise at 59.69 per dollar during early trade, versus previous closing of 59.73 a dollar on Friday.

On Friday, INR saw its highest weekly gain in one-and-a-half months and Indian stock market received foreign flows worth ₹9.43 billion. According to Reuters, rupee gained its highest record since 16 May, 2014.

"The rupee is likely to trade in a range of 59.60 to 60.40 until the budget," Reuters quoted Hari Chandramgethen, head of foreign exchange trading at South Indian Bank.

"The budget can very well have a huge impact on the market. Traders will be keenly watching how the government tackles the fiscal side problems and inflation," he added.

The Sensex opened at 9:08 am with surge of 74.16 points at 26039.67 points versus previous closing of 25962.06 points, whereas, the Nifty opened at 9:15 am with an increase of 22.75 points at 7774.75 points versus the previous closing of 7752 points.

Later at 10:30, Sensex and Nifty surged at 26116.73 points and 7791.4 points. Monday's index was recorded as third consecutive all time high versus previous sessions.

Besides, top gainers from BSE as on July 7, Monday at 11 am:

Top losers from BSE as on July 7, Monday at 11 am:

In the meantime time top gainers from NSE were Parenteral Drugs India, IVP Ltd, Sarla Performance Fibers, Time Technoplast and Jayaswal Neco Industries, whereas, top losers were Blue Chips India, Jenson and Nicholson India, Landmark Property Development, Vardhman Polytex and ELGI Rubber Co Ltd. But, the positions of the above listed companies changed frequently during trading hours.

The NSE index futures traded on Monday rose 0.1 percent and the MSCI-Asia Pacific excluding Japan's index fell 0.13 percent.

At 11:55 am, among 12 Indian stock indices; three fell. Those were BSE Oli&gas stocks, FMCG stocks and Bank stocks. Stock price of Oil and gas fell by ₹64.20 at ₹11,184.99, while FMCG's stocks also declined at ₹6805 at ₹9.24 during trading hours. In the mean time, all stock prices in banking sector recorded low.

BSE Bankex index recorded ₹17706.78 with loss of ₹117.75 and 0.66 percent. But, South Indian Bank in NSE index rose by ₹1.25 at ₹34.35, after US-based Pabrai Investment Fund bought 19.6 million shares on Friday.

However, stock index of IT sector surged during trading hours at 12 pm on Monday. Stock price of IT index was recorded ₹9487.04 with surge of ₹175.85 and 1.89 percent. Stock prices of all listed companies in IT sector rose, whereas, Infosys' stock profited the most with surge of ₹75.80 and 2.37 percent. Its price was recorded ₹3315.95 at 12:05 pm.

Besides this, stock price of Adani Ports, Reliance communications, Tata Consultancy Services and IDFC among few others rose, while stocks of Hindustan Unilever, ITC, United spirits and few other stocks of Banking and Oil fell during trading hours.

World Markets:

Among Asian markets Japan's Nikkei and Hong Kong's Hang Seng fell by 57.69 points and 15.17 points respectively at 12:30 pm. Nikkei was recorded at 15379.44 points and Hang Seng was recorded 23531.19 points.

In the mean time, all US market indices rose. Dow, S&P, NASDAQ and TR US Index surged by 92.02 points, 10.82 points, 28.19 points and 0.97 points respectively. While, among European markets; only FTSE 100 appeared surging at 6866.05 points with an increase of 0.84 points and DAX, CAC 40 and TR Europe fell by 20.35 points, 20.90 points and 0.23 points respectively.

However, at 12:24 pm, NSE index was recorded at 7765 points with an increase of 13.90 points and BSE index was recorded at 26026.23 points with surge of 64.17 points.