Sensex, Nifty reach all-time highs amid bullish domestic stock rally
The Indian equity benchmark indices, Sensex and Nifty, reached all-time high levels in early trade today. This surge is part of an ongoing bullish rally in domestic stocks. The 30-share BSE Sensex rose 502.42 points to hit an all-time high of 82,637.03, while the Nifty jumped 105.7 points to reach a record peak of 25,257.65. At the time of reporting, Sensex was trading at 82,424.81 points and Nifty at 25,242 points.
Top performers and laggards
Among the 30 Sensex companies, Bajaj Finserv, HDFC Bank, Titan, Bajaj Finance, NTPC, Power Grid Corporation of India Ltd, Asian Paints, and HCL Technologies emerged as the biggest gainers. However, not all companies shared in this upward trend with Tata Motors and Sun Pharmaceutical Industries Ltd. underperforming during this period. These fluctuations reflect the dynamic nature of India's equity market amid its current bullish phase.
Asian markets boost Indian stocks
The bullish trend in India's equity market is also being influenced by trends in Asian markets and fresh foreign fund inflows. In Asia, Seoul, Shanghai, Tokyo, and Hong Kong were trading with gains. Japan's Topix as well as Australia's S&P/ASX 200 also posted gains while Euro Stoxx 50 futures climbed 0.9%.
US performance and FII's role
The US markets ended on a mixed note yesterday, with the Dow Jones Industrial Average hitting a new high, while the NASDAQ Composite fell 0.23% as NVIDIA's forecast failed to impress investors. Foreign Institutional Investors (FIIs) bought equities worth ₹3,259.56 crore on Thursday, per exchange data. Their net long position increased from ₹1.34 lakh crore on Wednesday to ₹2.1 lakh crore on Thursday, indicating a significant role in driving India's equity market surge.
Key catalysts for market rally
Global oil benchmark Brent crude jumped 0.23% to $80.12 a barrel, holding steady in early Friday trading, as investors assessed supply concerns in the Middle East against indications of weakening demand. Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd., identified substantial FII buying, positive international cues and upbeat US GDP data as key catalysts for the market rally.
