Domestic stock markets surged to a record high on Monday, November 25, amid gains across sectors, tracking global peers on optimism about US-China trade developments. The benchmark equity index Sensex logged fresh all-time high of 40,846 in line with firm global markets over reports that US and China may soon reach a trade deal ending their 16-month-long costly trade war.
Buying across sectors - especially metal stocks - pushed the markets higher as global metal prices jumped on positive signals from Washington on China. Reports of an early trade deal trumped investors growth concerns. India is scheduled to release its Q2 GDP figures later this week which is widely expected to be below 5 per cent.
Market at record high
At 2:34 pm, the Sensex traded 474.16 points - or 1.17 per cent - higher at 40,833.57, while the broader Nifty was up 139.65 points (also 1.17 per cent) at 12,054.05 led by index-heavyweights like Reliance Industries and Infosys.
The top Sensex gainers rally were Bharti Airtel, advancing over 5 per cent, followed by Tata Steel, Vedanta, IndusInd Bank, HFDC Bank. On the Nifty50, 43 scrips gained while seven traded lower.
Deepak Jasani of HDFC Securities said: "Core Infra data for October will be unveiled on November 29 and India's Q2FY20 GDP number will also be unveiled on Nov 29 post market hours. The macro numbers may not surprise positively but will put behind one uncertainty. The macro numbers may not surprise positively but will put behind one uncertainty."