Sensex, Nifty hit record high after China, ECB stimulus

Reuters Market Eye - The BSE Sensex and Nifty surged to record highs on Monday, tracking Asian peers which jumped on the prospect of further policy stimulus in China and Europe.

The 30-share Sensex was trading up 0.39 percent as of 10:37 a.m. after rising as much as 0.63 percent to a record of 28,514.98.

The broader Nifty rose 0.38 percent after gaining as much as 0.6 percent to a life high of 8,529.

Metal stocks led the gains as traders said China's unexpected interest rate cut on Friday was likely to boost demand.

Tata Steel gained 2.99 percent, while Hindalco Industries was up 4.65 percent.

 

Jindal Steel and Power gained 4.83 percent.

Also, India's parliament convenes on Monday for a month-long session in which the government is expected to push key reforms.

Investors hope foreign investment in the insurance industry, goods and services tax, labour and land reforms would be taken up.

(Reporting by Abhishek Vishnoi)