Stock market hits record high as Sensex closes at new peak of 31,309, Nifty zooms to 9,675

The benchmark BSE Sensex continued its bullish trend as it closed at a new high of 31,309.  The broader NSE Nifty also rose as much as 0.25 per cent to settle at 9,677.60. 

Barring metal and FMCG, all other BSE sectoral indices were trading in the positive zone. Among them, consumer durables index gained the most by 6.16 per cent, followed by realty 1.36 per cent, capital goods 0.79 per cent and oil & gas 0.56 per cent. On the other hand, metal index was down 0.41 per cent and FMCG 0.04 per cent.

Top five Sensex gainers were Bajaj Auto (+1.76%), Adani Ports (+1.47%), ONGC (+1.21%), L&T (+1.16%) and Axis Bank (+1.09%), while the major losers were Coal India (-1.41%), ITC (-0.8%), Infosys (-0.73%), Lupin (-0.73%) and GAIL (-0.6%).

The Reserve Bank of India (RBI) is likely to keep interest rates unchanged at its policy review on Wednesday, but with inflation well below target its policy statement, it is likely to sound less hawkish than when the monetary policy committee last met, a Reuters poll showed. 

Traders Sentiment across the globe was muted after US growth in May missed expectations and after attacks in London killed at least seven people.

Meanwhile, oil prices jumped after Saudi Arabia, Egypt, the United Arab Emirates and Bahrain severed their ties with Qatar on Monday. Both the Nifty and the Sensex have been on a record-breaking spree in the recent weeks. Lenders were among the top gainers, with Yes Bank rising 1.8 per cent.