Markets fire on all cylinders: Sensex breaches 71k-mark; Nifty surges to fresh record
The US Federal Reserve keeping its key interest rate unchanged and signalling rate cuts next year, along with continuous foreign fund inflows into the equity markets, have fuelled the rally in stocks
image for illustrative purpose
Mumbai: Benchmark equity indices surged more than 1 per cent to hit their new all-time highs on Friday, with the Sensex breaching the 71,000 mark, as domestic macroeconomic data and easing concerns over the US economic growth bolstered market sentiment.
Besides, heavy buying in IT, tech and metal counters amid sustained buying by foreign investors helped the domestic equities, traders said. Rising for the third day running, the 30-share BSE Sensex jumped 969.55 points or 1.37 per cent to settle at its record closing high of 71,483.75.
During the day, it surged 1,091.56 points or 1.54 per cent to 71,605.76, its all-time intra-day high level. The Nifty climbed 273.95 points or 1.29 per cent to settle at its new closing high of 21,456.65. During the day, it zoomed 309.6 points or 1.46 per cent to hit its record intra-day peak of 21,492.30.
"The buoyancy continued in the market as investors were expecting the clouds over US economic growth to recede by H2 CY24 and that the economy would achieve a soft landing aided by normalization in monetary policy. "The IT index outperformed on expectations of a rise in demand in the US economy," said Vinod Nair, Head of Research, Geojit Financial Services.
The US Federal Reserve keeping its key interest rate unchanged and signalling rate cuts next year, along with continuous foreign fund inflows into the equity markets, have fuelled the rally in stocks.
HCL Technologies was the biggest gainer in the Sensex pack, rising 5.58 per cent, followed by Tata Consultancy Services and Infosys, State Bank of India, Tech Mahindra, Tata Steel, NTPC and Wipro.
In contrast, Nestle, Bharti Airtel, Maruti and ITC were among the laggards.
In Asian markets, Seoul, Tokyo and Hong Kong settled with gains, while Shanghai ended lower. European markets were trading on a mixed note. The US markets ended higher on Thursday.
Foreign Institutional Investors (FIIs) continued their buying momentum as they bought equities worth Rs 3,570.07 crore on Thursday, according to exchange data. Global oil benchmark Brent crude climbed 0.33 per cent to USD 76.86 a barrel.
The BSE benchmark jumped 929.60 points or 1.34 per cent to settle at 70,514.20, its all-time closing high on Thursday. The Nifty rallied 256.35 points or 1.23 per cent to settle at a record closing peak of 21,182.70.
