Sensex and Nifty surged to record highs on Friday, driven by a rebound in global markets and fresh foreign capital inflows.
Additionally, traders said buying telecom, auto and technology stocks also helped stabilize the market’s gains.
The 30-stock BSE Sensex index rose for the 11th consecutive trading day, rising 319.63 points, or 0.47%, to close at a record 67,838.63 points. On the same day, the index rose 408.23 points, or 0.60%, to a new intraday high of 67,927.23 points.
Nifty gained 89.25 points, or 0.44%, to end at its all-time closing high of 20,192.35. On the same day, the stock rose 119.35 points, or 0.59%, to hit an all-time high of 20,222.45 points.
Bharti Airtel was the top gainer among Sensex stocks, rising 2.37 per cent, followed by Mahindra & Mahindra, HCL Tech, Tata Motors, Tech Mahindra, HDFC Bank, Wipro, Tata Consultancy Services, Axis Bank and Nestlé.
Asian Paints, Hindustan Unilever, Bajaj Finserv and NTPC are among the laggards.
In Asian markets, Seoul, Tokyo and Hong Kong closed higher, while Shanghai closed lower.
European stocks are trading in the green. U.S. markets closed higher on Thursday.
Foreign institutional investors (FIIs) turned buyers on Thursday, buying shares worth Rs 2,946.9 crore, according to exchange data.
“The market is slowly moving in a new direction, with renewed buying in auto and IT stocks in anticipation of strong festive demand and successful trades. Better-than-expected economic data from China and stimulus hopes have further bolstered optimism in global markets.
“The European Central Bank (ECB) has signaled that interest rates may be on hold as inflation eases, while investors now focus on next week’s central bank meetings, where the Federal Reserve, Bank of England (BoE) and Bank of Japan (BoJ) will announce their Interest rates determine,” said Vinod Nair, head of research at Geojit Financial Services.
Brent crude, the global oil benchmark, rose 0.26% to $93.94 a barrel.
On Thursday, the BSE index gained 52.01 points, or 0.08%, to close at 67,519 points. The Nifty index gained 33.10 points, or 0.16%, to close at an all-time closing high of 20,103.10 points.
