Sensex surges over 800 points to end at new all-time high; Nifty too closes at record peak – Times of India

MUMBAI: For the second time in this week, both Indian indices-Sensex and Nifty- surged to record highs and ended with new peaks.
The BSE benchmark Sensex surged over 800 points to end at new all-time high, Nifty climbed over 200 points to close at a record peak on Friday.
Continuing its rally for the third consecutive day, the 30-share BSE Sensex surged by 803.14 points or 1.26 percent, settling at a historic closing high of 64,718.56. Throughout the day, it reached a record intra-day peak of 64,768.58, soaring by 853.16 points or 1.33 percent.
Similarly, the NSE Nifty climbed by 216.95 points or 1.14 percent, ending at an all-time high of 19,189.05. It also touched its intra-day peak of 19,201.70, rallying by 229.6 points or 1.21 percent.
Among the Sensex pack, Mahindra & Mahindra emerged as the top performer, witnessing a rise of over 4 percent. It was followed by IndusInd Bank, Infosys, Tata Consultancy Services, Maruti, Larsen & Toubro, Tech Mahindra, Wipro, Power Grid, HDFC Bank, HDFC, Bajaj Finance, and Reliance Industries. However, ICICI Bank and NTPC were the laggards.
In addition to the benchmark indices, midcap stocks also reached a new record high, while smallcap stocks remained close to their 52-week high.
Out of the 13 major sectoral indexes, 12 witnessed gains, with notable increases seen in the IT index and auto index, both rising by over 2% each. Furthermore, the auto and bank indexes surged to achieve fresh all-time highs.
Analysts cited strong foreign inflows, cooling inflation, and steady corporate earnings growth as key reasons for the rise in Indian equities.
“The current upward momentum could continue and the 19000-19200 band could be the next resistance for the Nifty in the near term”, said Deepak Jasani, head of retail research at HDFC Securities.
Vinod Nair, Head of Research at Geojit Financial Services, attributed the Indian indices’ new highs to positive global market trends, a favorable revision in Q1 GDP, a decline in jobless claims, and the positive results of the US bank stress test conducted by the Federal Reserve.
Previously, on Wednesday, the BSE benchmark had surged by 499.39 points or 0.79 percent to settle at its lifetime closing high of 63,915.42. The Nifty also recorded gains, climbing by 154.70 points or 0.82 percent to end at a record high of 18,972.10. The markets remained closed on Thursday due to the observance of Eid al-Adha, also known as Bakrid.
Revised upward figures for first-quarter economic growth in the United States, along with an unexpected decrease in jobless claims and favorable outcomes from the Federal Reserve’s stress test, have contributed to alleviating concerns about economic growth in the world’s largest economy.
(With inputs from agencies)