After a stupendous rally of nearly 2,000 points on the Sensex on Friday, the Sensex added another 1,075 points in trade, to begin the week on a solid note.
At close, the Sensex jumped 1,095 points, while the NSE Nifty ended 226 points points higher at 11,600 points.
A significant portion of the rally was led by gains in Bajaj twins, BPCL, Larsen, HDFC twins and Adani Ports. IT stocks, Zee Entertaiment and auto, were the only ones that saw some losses in trade. The market breadth was firmly tilted in favour of buyers. About 1,108 stocks advanced and 252 shares declined on National Stock Exchange.
Auto stocks were weak in trade today, as no auto cuts were announced in the GST Council meet on Friday. Tata Motors and Mahindra and Mahindra both lost ground in trade today. Shares in Yes Bank lost ground, after reports that the promoter had sold a part of his holding in the bank.
According to market analysts, the markets are expected to continue their upward momentum, as there are hopes that Foreign Portfolio Investors might return to the markets. Most analysts expect the Sensex and the Nifty to cross their record levels by Dec 2019. The near 8 per cent rally in the indices, is based on the belief that a cut in corporate tax rates, would lead to a NIFTY EPS increase of 6-7 per cent.
Asian markets were also trading strong led by gains in the Japanese Nikkei.