Sensex and Nifty Reach Record Highs Amid IT Stock Rally and Global Optimism
Mumbai benchmark indices BSE Sensex and NSE Nifty soared to fresh all-time highs, buoyed by robust buying in IT stocks and favorable global market conditions.
The BSE Sensex increased by 129.91 points, achieving a new record of 85,966.03 in early trading, while the NSE Nifty rose by 61.3 points to reach an all-time high of 26,277.35. This surge in the indices was supported by significant foreign fund inflows, adding to the market’s optimism.
Among the top performers on the Sensex, companies like Titan, IndusInd Bank, Tata Steel, Infosys, Asian Paints, Tata Consultancy Services, Hindustan Unilever, Tech Mahindra, HCL Technologies, and NTPC led the gains. Conversely, Power Grid, Larsen & Toubro, Bharti Airtel, and Kotak Mahindra Bank were among the laggards.
Asian markets showed a mixed trend, with Tokyo, Shanghai, and Hong Kong trading higher, while Seoul recorded a decline. The US markets closed positively on Thursday, further influencing investor sentiment in India.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, noted that the current global market trend is characterized by the outperformance of China and Hong Kong, driven by optimism surrounding Chinese stimulus measures. He indicated that IT stocks are likely to benefit from positive guidance from Accenture.
In terms of investor activity, Foreign Institutional Investors (FIIs) turned net buyers on Thursday, acquiring equities worth ₹629.96 crore, while Domestic Institutional Investors (DIIs) purchased equities valued at ₹2,405.12 crore.
Additionally, global oil benchmark Brent crude experienced a slight decline of 0.29%, trading at $71.39 a barrel.
The bullish trend continued from Thursday when the BSE benchmark surged by 666.25 points or 0.78% to close at 85,836.12. During that session, it had reached an intra-day peak of 85,930.43, marking a gain of 760.56 points or 0.89%. The Nifty also performed strongly, climbing 211.90 points or 0.81% to settle at 26,216.05, with an intra-day high of 26,250.90.
As the markets continue to rally, analysts remain optimistic about the potential for further growth, particularly in the IT sector, driven by favorable global trends and investor sentiment.
