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MUMBAI: Equity benchmark indices Sensex and Nifty rose to fresh record levels on Friday, driven by a rally in global markets and renewed foreign capital inflows.
Moreover, buying telecom, auto and technology stocks also helped markets rally with gains, traders said.
The 30-share BSE Sensex rose 319.63 points or 0.47 percent for the 11th straight day to reach a record close of 67,838.63. During the day, the price rose 408.23 points or 0.60 percent to reach a new all-time high on the day of 67,927.23.
The Nifty rose 89.25 points or 0.44 percent to end at an all-time high of 20,192.35. During the day, it advanced 119.35 points or 0.59 percent to reach its intraday lifetime peak of 20,222.45.
“Nifty hit new all-time highs on Friday, rising for the third consecutive session to end at a record level. Sensex rose for the eleventh day, its longest streak of gains since October 2007,” Deepak Jasani, Head of Retail Research, HDFC Securities, said.
On a weekly basis, the benchmark BSE rose 1,239.72 points or 1.86 percent, and the Nifty rose 372.4 points or 1.87 percent.
“Domestic stocks continued their winning streak behind their global peers, boosted by better-than-expected Chinese and US economic data and optimism that the European Central Bank could be close to peak interest rates,” said Siddhartha Khemka, head of retail research at Motilal. Oswal Financial Services Ltd, said.
Bharti Airtel was the top gainer in the Sensex pack, rising 2.37 per cent, followed by Mahindra & Mahindra, HCL Tech, Tata Motors, Tech Mahindra, HDFC Bank, Wipro, Tata Consultancy Services, Axis Bank and Nestle.
Asian Paints, Hindustan Unilever, Bajaj Finserv and NTPC were among the laggards.
In the broader market, the BSE’s smallcap index rose 0.27 percent and the midcap index rose 0.09 percent.
Among the indices, telecommunications increased by 1.67 percent, the automotive sector by 1.48 percent, the Teck index (1.07 percent), the IT sector (0.76 percent) and consumer durables (0.61 percent). ).
Commodities, FMCG, utilities, services and oil & gas were the laggards.
“Global stocks rose on Friday after better-than-expected Chinese economic data reinforced expectations that the tightening campaigns by the world’s major central banks were almost over,” Jasani said.
In Asian markets, Seoul, Tokyo and Hong Kong ended with gains, while Shanghai was lower.
European shares traded in the green. The American stock markets closed in positive territory on Thursday.
Foreign institutional investors (FIIs) turned buyers on Thursday as they bought shares worth Rs 294.69 crore, according to stock exchange data.
“The market is moving towards a new direction with renewed buying in auto and IT stocks in anticipation of strong festive demand and a strong deal. Better-than-expected economic data from China and hopes for stimulus measures added further optimism to global markets.
“The ECB (European Central Bank) hinted at a possible interest rate pause due to declining inflation, while investors are now focusing on central bank meetings next week, with the US FED, BoE (Bank of England) and BoJ (Bank of Japan) ) are planning to announce their pricing decisions,” said Vinod Nair, head of research at Geojit Financial Services.
The global oil benchmark for Brent crude rose 0.26 percent to USD 93.94 per barrel.
“Further lower CPI and wholesale inflation in India are reassuring in light of the global inflation scenario.
“Thus, we expect overall positive momentum to continue, especially in the large caps, while sectoral rotation is likely to be observed in the broader market. The US interest rate decision will take place next week, where the Fed is expected to make a decision. pause, which could bring relief to global markets,” Khemka said.
Moreover, buying telecom, auto and technology stocks also helped markets rally with gains, traders said.
The 30-share BSE Sensex rose 319.63 points or 0.47 percent for the 11th straight day to reach a record close of 67,838.63. During the day, the price rose 408.23 points or 0.60 percent to reach a new all-time high on the day of 67,927.23.
The Nifty rose 89.25 points or 0.44 percent to end at an all-time high of 20,192.35. During the day, it advanced 119.35 points or 0.59 percent to reach its intraday lifetime peak of 20,222.45.
“Nifty hit new all-time highs on Friday, rising for the third consecutive session to end at a record level. Sensex rose for the eleventh day, its longest streak of gains since October 2007,” Deepak Jasani, Head of Retail Research, HDFC Securities, said.
On a weekly basis, the benchmark BSE rose 1,239.72 points or 1.86 percent, and the Nifty rose 372.4 points or 1.87 percent.
“Domestic stocks continued their winning streak behind their global peers, boosted by better-than-expected Chinese and US economic data and optimism that the European Central Bank could be close to peak interest rates,” said Siddhartha Khemka, head of retail research at Motilal. Oswal Financial Services Ltd, said.
Bharti Airtel was the top gainer in the Sensex pack, rising 2.37 per cent, followed by Mahindra & Mahindra, HCL Tech, Tata Motors, Tech Mahindra, HDFC Bank, Wipro, Tata Consultancy Services, Axis Bank and Nestle.
Asian Paints, Hindustan Unilever, Bajaj Finserv and NTPC were among the laggards.
In the broader market, the BSE’s smallcap index rose 0.27 percent and the midcap index rose 0.09 percent.
Among the indices, telecommunications increased by 1.67 percent, the automotive sector by 1.48 percent, the Teck index (1.07 percent), the IT sector (0.76 percent) and consumer durables (0.61 percent). ).
Commodities, FMCG, utilities, services and oil & gas were the laggards.
“Global stocks rose on Friday after better-than-expected Chinese economic data reinforced expectations that the tightening campaigns by the world’s major central banks were almost over,” Jasani said.
In Asian markets, Seoul, Tokyo and Hong Kong ended with gains, while Shanghai was lower.
European shares traded in the green. The American stock markets closed in positive territory on Thursday.
Foreign institutional investors (FIIs) turned buyers on Thursday as they bought shares worth Rs 294.69 crore, according to stock exchange data.
“The market is moving towards a new direction with renewed buying in auto and IT stocks in anticipation of strong festive demand and a strong deal. Better-than-expected economic data from China and hopes for stimulus measures added further optimism to global markets.
“The ECB (European Central Bank) hinted at a possible interest rate pause due to declining inflation, while investors are now focusing on central bank meetings next week, with the US FED, BoE (Bank of England) and BoJ (Bank of Japan) ) are planning to announce their pricing decisions,” said Vinod Nair, head of research at Geojit Financial Services.
The global oil benchmark for Brent crude rose 0.26 percent to USD 93.94 per barrel.
“Further lower CPI and wholesale inflation in India are reassuring in light of the global inflation scenario.
“Thus, we expect overall positive momentum to continue, especially in the large caps, while sectoral rotation is likely to be observed in the broader market. The US interest rate decision will take place next week, where the Fed is expected to make a decision. pause, which could bring relief to global markets,” Khemka said.
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