Sensex scales 58,000 level for first time; Nifty tops 17,300
Equity benchmark Sensex jumped over 250 points in early trade to scale the 58,000-level for the first time on Friday, led by gains in index majors Reliance Industries, Kotak Bank, and ICICI Bank amid a positive trend in global markets and sustained foreign fund inflows. Similarly, the broader NSE Nifty too crossed the 17,300 mark in the opening session.
Who were the top gainers and losers?
Sensex was trading 250.75 points or 0.43 percent up at its lifetime high of 58,103.29, and Nifty advanced 67.65 points or 0.39 percent to record 17,301.80 in initial deals. Titan was the top gainer in Sensex pack, rising around two percent, followed by Reliance Industries, Kotak Bank, SBI, NTPC, and IndusInd Bank. HCL Tech, HUL, M&M, Tech Mahindra, and TCS were among the laggards.
FIIs purchased shares worth Rs. 348.52 crore
In the previous session, the BSE index rallied 514.33 points or 0.90 percent to finish at its fresh all-time high of 57,852.54 and surged 157.90 points or 0.92 percent to record 17,234.15. Foreign institutional investors (FIIs) were net buyers in the capital market as they purchased shares worth Rs. 348.52 crore on Thursday, as per provisional exchange data.
Market recovery is attributed to revival in FIIs flows: Expert
According to Binod Modi Head-Strategy at Reliance Securities, a sharp recovery in the market in the last couple of days is mainly attributed to revival in FIIs flows following dovish commentary from the Fed Chairman in Jackson Hole Symposium last week and sustained domestic flows.
Key economic indicators for August indicate a sustained economic recovery
"High-frequency key economic indicators for August 2021, in the form of GST collection, railway freight, auto sales volume despite semiconductor issues, power consumption, import-export data, and fuel volumes indicate a sustained economic recovery on YoY comparison," he noted. In Asia, the bourses in Shanghai and Hong Kong were trading with losses in the mid-session deals.
Brent crude was trading at $73.01 per barrel
On the other hand, Seoul and Tokyo were trading on a positive note. US equities also ended with gains in the overnight session. Meanwhile, international oil benchmark Brent crude fell 0.03 percent to $73.01 per barrel.
