Share benchmark Sensex rose 1,034.01 points, or 1.71 percent, on Friday, reaching a 52-week high of 61,647.71 in early trading. Similarly, the broader NSE Nifty also rose 293.15 points to 18,321.35. Of the 30 shares of Sensex, all shares except Mahindra and Mahindra were in the green.
Tech companies provided strong support to the stock market Friday morning. On the BSE, Infosys recorded the highest jump from 4.37 percent to Rs 1,567.90 among the Sensex companies, followed by HCL Tech (4.01 percent), Tech Mahindra (3.89 percent), Wipro (3.85 percent ) and TCS (3.80 per cent).
VK Vijayakumar, chief investment strategist at Geojit Financial Services, said: “As the dollar weakens, FIIs are likely to buy more and with the monthly SIP figure exceeding Rs 13,000 crore, DIIs will also need to leverage inflows. In short, Advantage Bulls for the short term. A new record for the Nifty is only a matter of when.”
Prashanth Tapse, research analyst and senior vice president (research) at Mehta Equities, said: “The markets are all set to reverse the recent downtrend and start Friday’s session solidly following overnight gains in US indices following the Inflation declined for the fourth straight month to 7.7 percent yoy in October, its lowest since January and below market expectations of 8 percent, while 10-year Treasury yields are expected to fall more than 18 basis points to 3,946 percent and the easing of the US dollar index would further bolster investor sentiment.”
Foreign institutional investors (FIIs) remained net buyers in the capital markets as they bought shares worth Rs 36.06 crore on Thursday, according to data from the exchange.
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