The benchmark BSE Sensex reached an all-time high of 40,434.83 during the early trade on Monday, November 4, as it jumped over 270 points or 0.68 percent on strong global cues. The NSE Nifty rose by 67 points or 0.56 percent to reach 11,958. The rupee also jumped to a month high of 70.55 against the US dollar.
The Sensex gained for the seventh straight session over the strong inflow of foreign funds and better than expected earnings post the corporate tax cut.
The top gainers on the index were Vedanta, Tata Steel Tata Motors, Bajar Finance, ICICI Bank, Bharti Infratel, SBI and ONGC, with their stock rising as much as 4.32 percent. Shares of Reliance industry are up by 0.5 percent. On the other hand, shares of YES Bank fell as much as 10 percent in early trade.
YES Bank's shares were to be in focus on Monday after it incurred a loss for the second quarter on Friday. Its asset quality worsened - with gross non-performing assets (NPA) as a percentage of total advances rising to 7.39 per cent in Q2 from 5.01 per cent in the previous quarter - as provisions swelled.
Global markets rise
Global markets have also gained after both the US and China indicated an early resolution.
The United States and China both said on Friday that they had made progress in talks aimed at defusing their protracted 16-month-long trade war, and US officials said a deal could be signed this month.
September quarter result
About 61 major companies, including HDFC, Bharat Electronics, Indian Overseas Bank, Canara Bank, Cipla and Ashok Leyland are set to announce their quarterly earnings this week.
According to analysts, the quarterly earning reports would drive equity market sentiments.
(With agency inputs.)