Indian shares climbed to an all-time high on Monday on positive sentiment ahead of the release of the government’s annual economic survey later in the day and the 2018-19 fiscal budget later this week.
The economic survey, due to be released around 0630 GMT (1200 India time), provides the government’s forecasts across key metrics such as growth and inflation, and is seen in markets as a harbinger of the federal budget, which will be unveiled on Thursday.
However, bonds and rupee were largely range-bound, with the rupee trading at 63.52/63.5250, compared with its 63.5475 close on Thursday. The benchmark 10-year bond yield was flat at 7.48 percent, while the recently unveiled 10-year bond yield was also flat at 7.31 percent.
Markets were shut on Friday for Republic Day.
“The overall sentiment is positive ahead of the budget and in-line with the global markets. Investors are also keenly waiting for the economic survey,” said Anita Gandhi, whole-time director at Arihant Capital Markets.
The broader NSE index was up 0.73 percent at 11,149.51 at 0513 GMT, after hitting a record high of 11,156.60 earlier.
The benchmark BSE index was 0.9 percent higher at 36,373.39, having earlier hit a high of 36,379.91.
Gainers were led by financials with Housing Development Finance Corp trading over 1.5 percent ahead of results later in the day.
Shares of Maruti Suzuki India Ltd rose as much as 3.09 percent. The country’s top-selling car maker reported a 3 percent rise in quarterly profit on Thursday and also approved revision in method of calculating royalty payments for new models.
