Indian markets surge at opening; Nifty, Sensex hit record highs led by metals, realty

Sensex at record high: India's benchmark indices soared at the market opening on Monday, with the blue-chip Sensex scaling new heights and the Nifty 50 edging closer to an all-time high. The surge was propelled by the robust performance of metal stocks following positive updates from industry giants Tata Steel and JSW Steel. 

While S&P BSE Sensex surged 0.69 per cent to hit a record high of 74,765.10 today, NSE Nifty 50 surged 0.66 per cent to touch its all-time peak of 22,663.15.

As of 9:45 am, the NSE Nifty 50 rose by 0.43 per cent to 22,611.25, while the S&P BSE Sensex climbed by 0.50 per cent to 74,617.35.

The Metal index Nifty Metal surged by 0.8 per cent, with Tata Steel and JSW Steel leading the gains with increases of 2.2 per cent and 1 per cent respectively, positioning them among the top three gainers on the Nifty 50.

Nifty Realty surged over 2 per cent led by gains in Godrej Properties, Brigade Enterprises, and Phoenix Mills Ltd.

Last week, both the benchmark Nifty and S&P BSE Sensex registered their third consecutive week of gains, with the Sensex achieving a record closing high and the Nifty narrowly missing its all-time peak.

Financial stocks led the charge last week, fueled by HDFC Bank's remarkable 7 per cent surge, largely driven by sequential growth in deposits for the March quarter.

While consumer companies reported a mixed set of sales updates, easing inflation is anticipated to support healthier results.

The Reserve Bank of India's optimistic outlook, forecasting a 7 per cent expansion in the economy for the fiscal year, buoyed market sentiment. However, Asian markets remained subdued following a robust US jobs report, which tempered expectations of a Federal Reserve rate cut in June.

(With Reuters inputs.)