Mkts set new records as FIIs bet big again
All key indices scale fresh all-time highs driven by intense buying in heavyweights Infy, HDFC twins, RIL
image for illustrative purpose
Mumbai: Benchmark equity indices scaled fresh all-time closing highs on Friday, propelled by foreign fund inflows and a firm trend in the global markets.
Intense buying in index heavyweights Infosys, HDFC twins, Reliance Industries and TCS further bolstered sentiment, traders said. Rallying for the third straight day, the 30-share BSE Sensex jumped 803.14 points or 1.26 per cent to settle at its lifetime closing high of 64,718.56.
During the day, it zoomed 853.16 points or 1.33 per cent to reach its record intra-day peak of 64,768.58. The NSE Nifty climbed 216.95 points or 1.14 per cent to end at a record high of 19,189.05. During the day, it rallied 229.6 points or 1.21 per cent to hit its all-time intra-day peak of 19,201.70. Foreign institutional investors (FIIs) bought equities worth Rs 12,350 crore on Wednesday, according to exchange data.
“The lack of global support had restrained the Indian indices from pursuing their record highs earlier, despite the presence of a resilient domestic macroeconomic background. With positive surprises assisting buoyancy in the global market and the advance of the southwest monsoon, the domestic market succeeded in marching to new highs with renewed strength,” Vinod Nair, head (Research), Geojit Financial Services.
Global investor sentiments were uplifted by a favourable revision in Q1 GDP, a fall in jobless claims, and the positive outcome of the Fed’s US bank stress test, he added.
Mahindra & Mahindra was the best performer in the Sensex pack, rising over 4 per cent, followed by IndusInd Bank, Infosys, Tata Consultancy Services, Maruti, Larsen & Toubro, Tech Mahindra, Wipro, Power Grid, HDFC Bank, HDFC, Bajaj Finance and Reliance Industries. On the other hand, ICICI Bank and NTPC were the laggards.
Earlier on Wednesday, the BSE benchmark had surged 499.39 points or 0.79 per cent to settle at its lifetime closing high of 63,915.42pts, the Nifty climbed 154.70 points or 0.82 per cent to end at a record high of 18,972.10. Markets were closed on Thursday on account of Eid al-Adha, also known as Bakrid. In Asian markets, Seoul and Shanghai ended in the green while Tokyo and Hong Kong settled lower.
Core sector growth down to 4.3% in May
New Delhi: The growth of eight key infrastructure sectors slowed down to 4.3 per cent in May 2023 due to a decline in the production of crude oil, natural gas, and electricity. The core sector growth was 19.3 per cent in May 2022 while in April 2023 the key infra sectors recorded a growth rate of 4.3 per cent. During April-May this fiscal, the output growth of these eight sectors slowed down to 4.3% as against 14.3% in the year-ago period.
