Both the Bombay Stock Exchange Sensex and the National Stock Exchange’s Nifty continued their good run of the last four months and closed at 14-month highs on Monday.
The broad-based Nifty gained 1.6 per cent to close at 4,711 points, while the 30-stock benchmark Sensex ended the day at 15,924 points.
While the domestic economic fundamentals are intact and companies have come out with good corporate results, the index gain in India has got good support from the markets across the world.
The momentum is strong as even a weak export data for the month of June that showed a decline of 27 per cent did not impact the markets except for a short time.
“Strong support from the European, Asian and the US index futures markets pushed our markets to new highs,” said Alex Mathews, head of research, Geojit Securities.
Auto stocks were the top gainers as the index was up 4.6 per cent during the day.
While Sensex is at the level it was 14 months ago, Auto sector is up by 37 per cent in the same period. However the realty index, which had strong gains over the past three months, is still trading at 40 per cent below the levels fourteen months ago.