Markets further edge up on positive global cues

Continuation of accumulation of quality large-caps by the DIIs and HNIs and the FIIs reducing their selling significantly and buying on certain days have contributed to the resilience of the market, said VK Vijayakumar, chief investment strategist, Geojit Financial Services

Mumbai: Equity benchmark indices Sensex and Nifty marched higher to scale fresh lifetime closing peaks on Friday, tracking a largely firm trend in global markets and renewed foreign fund inflows amid the US rate cut hopes gathering momentum. Buying in index majors Bharti Airtel, ICICI Bank and Infosys also fuelled the rally in domestic equities.

Rallying for the ninth straight session, the 30-share BSE Sensex climbed 231.16 points or 0.28 per cent to settle at an all-time closing high of 82,365.77. During the day, it jumped 502.42 points or 0.61 per cent to hit a record intra-day peak of 82,637.03. A total of 2,228 stocks advanced, while 1,701 declined and 116 remained unchanged on the BSE. In its best winning streak since its launch in 1996, the NSE Nifty soared 83.95 points or 0.33 per cent to hit a new lifetime closing high of 25,235.90, taking its victorious run to the 12th day in a row. During the day, it surged 116.4 points or 0.46 per cent to hit a new record intra-day peak of 25,268.35.

The market capitalisation (mcap) of BSE-listed companies rose by Rs1.83 lakh crore to Rs4,64,39,993.77 cr (Rs464.39 lakh cr or $5.54 trn). The nine-day rally made investors richer by Rs10 lakh cr.

“Global markets are resonating with the US Fed’s pledges of a rate cut in September. The US and Indian markets have regained the recent highs, reflecting the continuation of this optimism,” said Vinod Nair, head (research), Geojit Financial Services.

On the weekly front, the BSE benchmark jumped 1,279.56 points or 1.57 per cent, and the Nifty soared 412.75 points or 1.66 per cent.

“Nifty ended higher on Friday for the twelfth consecutive session, its best winning streak since its launch in 1996. Global shares mostly rose Friday as markets continued to be moderately optimistic about the prospects of technology companies helped by the prospect of lower interest rates amid signs of moderating inflation across the developed world,” said Deepak Jasani, head (retail research), HDFC Securities.