Sensex at record highs led by banking stocks; HDFC AMC jumps 65 pct on debut

The Indian stock market surged significantly today following strong cues from global markets. BSE Sensex and NSE’s Nifty 50 surged to new record. Sensex rose 249.09 points to 37,805.25 and the Nifty 50 jumped 66.85 points to a fresh record high of 11,427.65 in Intraday trade.  However, the Sensex shed some gains to settled at 37,692, up 136 points, while the broader Nifty closed at 11,387, up 26 points.  HDFC AMC closes the day up 65 percent, with this HDFC Group market valuation soars above Rs 10,65,000 crore as the new listing adds another Rs 38,000 crore to the valuation of the group.
 
Axis Bank, State Bank of India (SBI) and ICICI Bank, Bharti Airtel and UPL were the top gainers in the BSE Sensex and Nifty. The Nifty PSU Bank index also gained over 2.5 percent, led by rise in Indian Bank and SBI during the day.  All the sectoral indices are trading in the green zone. Smallcap and midcap which were performing badly for some time also were trading in line with major indices.
 
Most of the stocks ended in green. Indian rupee strengthened marginally. Asian stocks rose but trade tensions between US and China limited gains. Meanwhile, domestic investors exuded confidence in the market, with DIIs buying equities worth Rs 87.08 crore on net basis on Friday. On the other hand, FIIs sold shares worth Rs 5.87 crore on Friday. 

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Sensex opened at 37714.70 points, against Friday's close of 37556.16 points. However, at the end of the trading session, the index shed some gains though remained in green territory.