The market did extend Friday’s gains on Monday. The Sensex and Nifty were at five-month highs. The Nifty Bank ended at record closing high, led by the likes of HDFC Bank, State Bank of India and IndusInd Bank. The midcap index too posted a record close.

So it seems that the Nifty and Sensex are making their way to all-time highs. One of the key factors supporting this is the FIIs, which bought for the sixth consecutive session. They net bought around Rs 17,058 crore in Monday’s trading session. And DIIs have bought for the seventh consecutive trading session, where they bought around Rs 853 crore.

The US debt ceiling relief is going to aid sentiment. US President Joe Biden and the Republican lawmakers have reached a tentative deal on the debt ceiling.

The news or focus will turn back on to the US Fed, which is likely at the tail-end of its hiking cycle. US markets were closed overnight.

Asia is largely mixed at this point in time. SGX Nifty is indicating a mildly positive start.

Stocks to watch out for today include Apollo Hospital, Torrent Pharma, Mankind, among others.

Tune in to Marketbuzz Podcast for cues and news to watch out for in today’s trade