Benchmarks inch closer to record highs; Sensex up 150 pts

Benchmark indices inched close to fresh record highs in early trade on Monday, bucking the weak global trend. S&P BSE Sensex advanced 116 points to quote at 63,500 levels, nearing the previous record high level of 63,583 touched on December 1, 2022.

The Nifty50, meanwhile, hit the 18,871-mark, up 45 points. It moved closer to the previous all-time high of 18,887.6 touched December 1, 2022.

In the broader markets, the BSE MidCap and SmallCap indices, too, rose in tandem with the frontline indices, rising up to 0.62 per cent. The indices hit their new highs for sixth consecutive day.

Among sectors, the Nifty Metal index gained 0.8 per cent, followed by the Nifty Pharma index 0.5 per cent.

Individually, Shriram Properties rallied over 4 per cent as the Chairman and Managing Director M Murali said that the company will invest around Rs 750 crore in FY24 to construct new residential projects as it looks to scale up business amid strong housing demand.