India Indices Undefeated Rally Extends to 7th Day, Nifty Past 19,900

By Malvika Gurung

Investing.com -- Indian equity benchmark indices opened the new week on a positive note, extending their rally streak for the seventh straight session on Monday.

The weighted average index of 50 of the largest Indian companies on the NSE, Nifty50 surpassed the 19,900 mark in morning trade on Monday, touching the intraday high at 19,939.2 so far in the session.

At 10:08 am, Nifty50 rose 0.56% to 19,93.85 levels, while the headline index Sensex gained 346.72 points or 0.52%, both the benchmark indices rising in 10 out of the past 11 trading sessions.

The Indian market volatility barometer India VIX jumped 5% to 11.31 levels at the time of writing.

The domestic indices traded higher at the start of a busy week, packed with India’s CPI data for August, along with WPI numbers and industrial production figures, set to be released this week, along with key global macroeconomic data including the US August CPI and UK GDP numbers for July.

Read Also: India CPI, US CPI, UK GDP Among Key Economic Events this Busy Week

On the Nifty pack, the Adani heavyweight Adani Ports led the gains, surging 4.64% in the morning trade and leading significant gains on the 50-scrip benchmark index, while the other Adani stock Adani Enterprises (NS:ADEL) rose up to 3%, also among the top performers on the pack.

Nifty PSU Bank led the rally under the Nifty umbrella, recording an all-time high of 4,803.15 on Monday, while Nifty Auto and Nifty Metal followed the strong vigour. Nifty Bank traded 0.52% higher at 10:20 am.

Barring IndusInd Bank (NS:INBK) and Power Grid Corporation (NS:PGRD), all the constituent stocks on the 30-scrip Sensex traded in the green, while the stocks along with ONGC (NS:ONGC) and Cipla (NS:CIPL) were the only four losers on the Nifty index.