Market benchmarks Sensex and Nifty has reached new lifetime high on Monday based on strong quarterly results by index heavyweights Reliance Industries and HDFC Bank.
Bombay Stock Exchange benchmark, Sensex, gained over 300 points to hit record high of 42,273.87 in the initial hours of trade. The broader NSE benchmark, Nifty scaled an all-time high of 12,430.50, up 12,430.50 points or 0.63 %.
PowerGrid was the top gainer, rallying up to 4 %, followed by ITC, Asian Paints, M&M and HDFC. Shares of Reliance Industries (RIL) and HDFC Bank jumped up to 2 % in early session following the announcement of their corporate earnings over the weekend.
RIL on Friday posted a record quarterly net profit of ₹ 11,640 crore as a turnaround in oil refining business together with the continued rise in the share of its consumer businesses of retail and telecom countered lower profitability in petrochemicals.
HDFC Bank on Saturday reported a 32.8 % growth in net profit to ₹ 7,416.5 crore for the third quarter ended December 31 driven by interest and non-interest income.
On the other hand, TCS was the top laggard, shedding over 1 %, after the country’s largest software exporter reported a flat December quarter net profit at ₹ 8,118 crore and also made it clear that it will not be able to notch a double-digit revenue growth in 2019-20.
HCL Tech, Kotak Bank and Hero MotoCorp too fell up to 1.44 %.
According to traders, domestic investors are reacting to corporate results released after market hours last week, and also booking profits at higher levels.