Mumbai: The new financial year opened with a bang as BSE benchmark Sensex zoomed 300 points to a fresh record high of over 39,000 points on day one of the new financial year in early trade on Monday, driven by sustained buying mainly in metal, auto and financial stocks amid positive global cues.
Earlier the all-time high of 38,989 was in August last year.
On the Sensex chart, Vedanta, Tata Steel, Tata Motors, Mahindra and Mahindra and ICICI Bank led the rally.
The Nifty50 on the National Stock Exchange also crossed the 11,700 mark for the first time since September 3, 2018.
ALSO READ: Jeff Bezos’ phone hacked by Saudis to access personal data: Investigator
Asian markets were trading positively amid optimism over China-US trade talks and expansion in manufacturing activity in China in March.
The 30-share Sensex opened on a positive note at 38,858.88 and rose to a high of 38,960.28 in early deals. The gauge, however, pared some gains and was trading at 38,938.45, higher by 265.54 points.
Similarly, the NSE Nifty started off on a high note at 11,665.20 and hit a high of 11,699.70 in opening deals.
In Asia, South Korea’s KOSPI rose 1%, Japan’s Nikkei gained more than 2% and Hong Kong’s Hang Seng Index climbed 1.62%.
China and the US gave signs of some progress in their last week’s discussions on the trade tariff tussle, with another round of talks scheduled to be held this week in Washington.
Click here for Latest News updates and viral videos on our AI-powered smart news
(With agencies input)