Re rise, FPI inflows spur mkt indices to all-time highs
Heavy buying in banking, financial and capital goods stocks amid strong global cues; INR rebounded by 34 paise to month high of 81.94/$; Gold price jumped Rs510 to Rs 60,210/10gm
image for illustrative purpose
Mumbai: Equity benchmark indices Sensex and Nifty closed at fresh lifetime highs on Friday following gains in banking, financial and capital goods stocks amid a firm trend in the global market. A strengthening rupee and foreign capital inflows further bolstered sentiment, traders said. The 30-share BSE index zoomed 466.95 points or 0.74 per cent to settle at a record closing high of 63,384.58. During the day, it rallied 602.73 points or 0.95 per cent to 63,520.36. The index scaled its earlier lifetime high of 63,284.19 on December 1 last year. The NSE Nifty climbed 137.90 points or 0.74 per cent to end at its lifetime peak of 18,826. Its previous record peak was 18,812.50. On a weekly basis, the BSE benchmark jumped 758.95 points or 1.21 per cent, and the Nifty climbed 262.6 points or 1.41 per cent.
Buying in index major Reliance Industries and HDFC twins also helped the markets to rebound. Bajaj Finserv was the biggest gainer in the Sensex pack, rising 2.21 per cent, followed by Titan, ITC, Kotak Mahindra Bank, HDFC Bank, HDFC, Bajaj Finance, IndusInd Bank, ICICI Bank, HUL, Reliance Industries and Mahindra & Mahindra. Wipro, Tata Consultancy Services, Power Grid and Tech Mahindra were the laggards.
“The domestic market rebounded with strong buying in banking, pharma, and consumer stocks, along with positive cues from global markets. The US market’s optimism was bolstered by better-than-expected retail sales, reflecting the robustness of the economy. Furthermore, jobless claims remain elevated, and a decline in import prices raised hopes for a prolonged pause in interest rate hikes by the Fed, contradicting their announcement of potential future rate hikes made the previous day,” said Vinod Nair, head (research) at Geojit Financial Services.
In the broader market, the BSE smallcap gauge climbed 0.76 per cent and the midcap index jumped 0.71 per cent. Among the indices, financial services climbed 1.21 per cent, bankex jumped 1.03 per cent, capital goods (1.02 per cent), industrials (0.91 per cent), FMCG (0.80 per cent), consumer durables (0.78 per cent) and consumer discretionary (0.74 per cent). IT, oil & gas, realty and teck were the laggards.
“Markets surged strongly on Friday and inched closer to the record high, tracking firm global cues. After the firm start, the Nifty index hovered in a narrow band in the first half. However, a sharp surge in the latter half helped the index to test 18,864.70 but it finally settled at 18,826 levels,” said Ajit Mishra, SVP - Technical Research, Religare Broking Ltd.
Recovery in banking and financials combined with buying in FMCG, pharma and energy majors largely aided the rebound.
Market Movers
l During the day, Sensex rallies 602.73 pts or 0.95% to 63,520.36
l Previous record high of Sensex was 63,284.19 on Dec 1, 2022
l Nifty’s previous record peak was 18,812.50
l For the week, Sensex jumped 758.95 pts or 1.21% and Nifty climbed 262.6 pts or 1.41%
l Better-than-expected retail sales bolstered US market’s optimism
