Unstoppable bull run! Sensex, Nifty hit fresh lifetime highs on strong global market cues

From the Sensex stocks, , , , , and Kotak Bank opened higher, while Wipro, Maruti, M&M, Asian Paints, and Power Grid opened lower.

Meanwhile, Adani Ports shares surged 3% in early trade after replaced Wipro with Adani Ports in the 30-member Sensex, effective June 24.

Divi's Laboratories shares surged over 5% after the pharmaceutical company reported a nearly 68% rise in March-quarter net profit.

Sector-wise, Realty opened 1.5% higher, led by Sobha, Lodha, and Godrej Properties. Meanwhile, Bank, Financial Services, FMCG, Metal Pharma, and Healthcare also surged. In the boarder market, Nifty Midacap100 rose 0.6%, and Nifty Smallcap100 gained 0.9%.

Experts Take
"Sharp short covering in index futures and huge delivery based buying in frontline stocks like HDFC Bank have contributed to the strength of the market. Another positive for the market is that the FII selling which weighed on the markets this month has declined sharply and FIIs even turned big buyers on Thursday," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

"The election related uncertainty may cause some volatility but is unlikely to cause any major jitters this week. The market is likely to largely discount the results before declaration on June 4th," Vijayakumar said.

Deven Mehata, Research Analyst at Choice Broking, said, "Nifty can find support at 22,900 followed by 22,850 and 22,800. On the higher side, 23,050 can be an immediate resistance, followed by 23,100 and 23,200."

Asian Markets
Asian shares edged higher on the day as investors braced for a busy week of data which culminates in a key U.S. inflation report that could set the stage for a cut in interest rates there, albeit not for a few months yet.

MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.4%, having slipped 1.5% last week and away from a two-year peak.

FII/DII Tracker
Foreign investors sold shares worth Rs 945 crore on a net basis on Friday, while domestic institutional investors bought Rs 2,320 crore in stocks.

Crude Oil
Oil prices were in a holding pattern in early Asian trading on Monday as markets awaited an OPEC+ meeting on June 2 where producers are expected to discuss maintaining voluntary output cuts for the rest of the year.

The Brent crude August contract inched up 27 cents to $82.11 a barrel. U.S. West Texas Intermediate (WTI) crude July contract futures rose 30 cents to $78.02.

Rupee Strengthens
The Indian rupee rose 4 paise to 83.06 against the US dollar in early trade. The dollar index, which tracks the movement of the greenback against a basket of six major world currencies, declined 0.02% to 104.7 level.

(With inputs from agencies)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)