Equity indices surge to fresh highs; Sensex crosses 38,500 points

Indian equity markets opened strongly on Monday, with the benchmark Sensex and Nifty hitting fresh record highs amid firm global cues.

The S&P BSE Sensex climbed to an intraday record of 38,586.83, while the NSE Nifty50 touched a new high of 11,654.15.

Market observers said buying interest was particularly strong in banking, metal and consumer durables stocks.

At 9.34 a.m., the Nifty50 was trading at 11,651.50, up 94.40 points, or 0.82 per cent, from its previous close.

The Sensex, which had closed at 38,251.80 on Friday, was trading at 38,582.42, gaining 330.62 points, or 0.86 per cent. The index had touched an intraday low of 38,416.73 earlier in the session.