Sensex and Nifty Scale Fresh All-Time Highs: Benchmark equity indices Nifty and Sensex achieved record-breaking highs on Friday and closed at all-time highs. This achievement was driven by foreign fund inflows and a positive trend in global markets. The Sensex closed at 64,718, jumping 803 points, while the Nifty closed at 19,189 with a gain of 216 points.
For the third consecutive day, the 30-share BSE Sensex surged 803.14 points or 1.26%, reaching a lifetime closing high of 64,718.56. It also hit a record intra-day peak of 64,768.58, rising 853.16 points or 1.33% during the day. The NSE Nifty climbed 216.95 points or 1.14% to end at a record high of 19,189.05 and reached an all-time intra-day peak of 19,201.70, rallying 229.6 points or 1.21%.
Sensex Rises 1,800 Points in 3 Days
Indian stock markets are experiencing a remarkable boom phase. One of the major contributing factors to this rally is the return of foreign institutional investment (FII) confidence in the Indian market. Inflows from foreign portfolio investors into equities have crossed $10 billion in the current financial year. Foreign investors are showing strong interest in the Asian markets, particularly in China and India, due to the perception of sustainable and inclusive long-term development.
Intense buying in index heavyweights such as Infosys, HDFC twins, Reliance Industries, and TCS has further boosted market sentiment. The best performer in the Sensex pack is Mahindra & Mahindra, rising over 4%, 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 have shown weaker performance.
Asian Markets and Global Market Trends
In Asian markets, Seoul and Shanghai ended in the green, while Tokyo and Hong Kong settled lower. Equity markets in Europe are trading with gains. The US markets ended with mostly positive results in the overnight trade on Thursday.
“Despite the resilient domestic macroeconomic background, the Indian indices have been restrained from reaching their record highs earlier due to lack of global support. However, with positive surprises in the global market and the progress of the southwest monsoon, the domestic market has successfully reached new highs with renewed strength. Global investor sentiments have been uplifted by a favorable revision in Q1 GDP, a fall in jobless claims, and the positive outcome of the Fed’s US bank stress test,” said Vinod Nair, Head of Research at Geojit Financial Services.
Rise in Global Oil Benchmark Brent Crude
The global oil benchmark Brent crude has climbed by 0.61% to reach USD 74.79 a barrel. On Wednesday, foreign institutional investors (FIIs) bought equities worth Rs 12,350 crore, according to exchange data. The BSE benchmark surged 499.39 points or 0.79% to close at its lifetime high of 63,915.42 on Wednesday. The Nifty climbed 154.70 points or 0.82% to reach a record high of 18,972.10.
Markets were closed on Thursday on account of Eid al-Adha, also known as Bakrid.
Rupee Holds Steady against the US Dollar
The rupee closed at 82.03 (provisional) against the US dollar in restricted trade on Friday, amidst a rally in domestic equities and firm crude oil prices. The rupee opened weak at 82.05 in the interbank foreign exchange market due to firm crude oil prices in the Asian trade. It traded within a tight range of 82.00 to 82.07 during the day.
The dollar index, which measures the strength of the greenback against a basket of six currencies, inched up by 0.09% to 103.43 due to growing expectations of further interest rate hikes by the US Federal Reserve. While FII inflows into equities supported the rupee, the strong performance of the US dollar in global markets and the rise in crude oil prices capped its gains, according to analysts.
(With PTI inputs)
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
