Early Trade Sees Sensex, Nifty Touch New All-Time High Levels
The early trading on Friday saw benchmark stock indexes reach new all-time highs, aided by foreign capital inflows and a favourable trend in the international markets.
Investments in index heavyweights Infosys and HDFC Bank also contributed to the markets’ ability to keep winning.
The 30-share BSE Sensex increased 499.42 points to record an all-time high of 64,414.84 in early trading as it rallied for the third consecutive day. The NSE Nifty increased 136.1 points to reach its highest height in history of 19,108.20.
The top gainers from the S&P 500 index were Power Grid, Infosys, Asian Paints, Mahindra & Mahindra, HCL Technologies, IndusInd Bank, Tech Mahindra, Bajaj Finance, Wipro, Tata Consultancy Services, HDFC Bank, and Titan.
The backwards companies were Tata Steel and Bharti Airtel.
Seoul, Shanghai, and Hong Kong all traded in positive territory on Asian markets, but Tokyo quoted lower.
The majority of US markets closed higher on Thursday.
“The mother market US, where the market is robust bolstered by better-than-expected Q1 GDP growth of 2% and dropping weekly unemployment claims, is where the worldwide support to the bullishness is coming from.
“This resilience of the US economy, which was not anticipated and discounted by the market, is the strongest pillar of support for the global markets right now,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
To reach USD 74.64 per barrel, benchmark Brent crude saw a 0.40 percent increase.
According to exchange statistics, foreign institutional investors (FIIs) purchased shares of stock on Wednesday totaling Rs 12,350 crore.
On Wednesday, the BSE benchmark climbed 499.39 points, or 0.79 percent, to close at its all-time closing high of 63,915.42. At 18,972.10, the Nifty closed up 154.70 points, or 0.82 percent, for a new high.
Due to Bakrid, commonly known as Eid al-Adha, markets were closed on Thursday.
