Stock market update: Nifty hits fresh all-time high in early trade

Equity benchmark indices rebounded in early trade on Monday with the Nifty hitting a fresh alltime high level amid foreign fund inflows and a rally in the US marketsThe 30share BSE Sensex climbed 18092 points to 8307186 in early trade The NSE Nifty went up by 551 points to 2541160 Later the NSE benchmark jumped 892 points to hit a new record peak of 2544570 reported news agency PTIAmong the 30 Sensex firms NTPC Axis Bank Tata Steel JSW Steel Kotak Mahindra Bank Bajaj Finserv Larsen amp Toubro and Bajaj Finance were the biggest gainersHindustan Unilever Nestle ICICI Bank and Tata Consultancy Services were the laggards In Asian markets Shanghai and Hong Kong were trading lowerThe US markets ended in positive territory on FridayForeign Institutional Investors FIIs bought equities worth Rs 236482 crore on Friday according to exchange data Domestic Institutional Investors DIIs also bought equities worth Rs 253218 croreGlobal oil benchmark Brent crude traded 007 per cent higher at USD 7166 a barrelGlobally equity markets will be focused on the Fed rate action on Wednesday which is likely to influence the stock market trend in the nearterm V K Vijayakumar Chief Investment Strategist Geojit Financial Services said while speaking about the stock market updateThe Fed rate cut is coming this Wednesday The main debate is should the Fed go in with a 50 bps cut or stick to a 25 bps cut Over the last three decades the Fed has started with a 50 bps cut when the economy was in the throes of a recession Present economic conditions do not warrant a 50 bps cut Ajay Bagga Banking and Market expert told ANI while speaking about the stock market updateHe further told ANI that India is seeing increasing FII inflows and a weaker US Dollar will increase these flows We remain optimistic on the Indian markets backed by a strong macro global central bank action and domestic plus international flows both providing a fillip to Indian marketsOn Friday the BSE benchmark Sensex fell by 7177 points or 009 per cent to settle at 8289094 The NSE Nifty dropped 3240 points or 013 per cent to 2535650Rupee rises 5 paise to 8387 against US dollar in early tradeThe rupee appreciated by 5 paise to 8387 against the US dollar in early trade on Monday supported by weakening of the American currency in the overseas market and significant foreign fund inflowsForex traders said market participants are eagerly awaiting cues from the US Fed policy on Wednesday with a rate cut all but certain However the magnitude of the cut remains uncertainMoreover the rupee continues to hold steady within a welldefined range on active intervention by the Reserve Bank of India RBI they addedAt the interbank foreign exchange market the local unit opened at 8389 then inched further to touch 8387 registering a rise of 5 paise from its previous closeOn Friday the local unit settled higher by 4 paise at 8392 against the US dollarWith inputs from PTI and ANI