India's Nifty hits record high; Sensex jumps 150 points

India's broader NSE Nifty index climbed a new record high on Monday, tracking gains in Asia following a record-breaking Wall Street session, helped by sustained overseas inflows.

Nifty
A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai, India. REUTERS

India's broader NSE Nifty index climbed a new record high on Monday, tracking gains in Asia following a record-breaking Wall Street session, helped by sustained overseas inflows.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.9 percent to reach heights not visited since late 2007.

For markets, this week's main event will be the Federal Reserve's policy meeting on Tuesday and Wednesday, where it is likely to take another step toward normalisation on what is rapidly becoming a global trend, Reuters reported.

The S&P BSE Sensex advanced 0.47 percent at 32,423 while the broader NSE Nifty touched a record high of 10,167 before paring some gains to end up 0.67 percent at 10,153 points.

Among the top Sensex gainers: Bajaj Auto advanced 3.6 percent, Larsen and Toubro jumped 2 percent, Hindustan Unilever gained 2.8 percent while Coal India gained 1.9 percent.

Shares of Bharat Road Network debuted little changed on the bourses on Monday, after the road builder's Rs 600 crore initial public offer was subscribed 1.81 times last week. Its shares ended up 0.6 percent at Rs 206.

Cadila Healthcare rose 1 percent after the company said Nesher Pharmaceuticals, a subsidiary of its US arm, has received final approval from the U.S. health regulator to market Oseltamivir used for treatment and prevention of influenza.

Laggards included Reliance Communications, which lost 1.5 percent after Sweden's Ericsson filed a plea with an insolvency court against Reliance Communications.

Market breadth was in the favour of gainers, with about 2 stocks advancing to every 1 stock that declined.

READ MORE