Sensex surges over 250 points; Nifty tops 16,400
Equity benchmark Sensex jumped over 250 points to cross the 55,000 mark in early trade on Friday, led by gains in index heavyweights HDFC twins, ICICI Bank, and TCS. The 30-share index was trading 258.4 points or 0.47 percent higher at a lifetime intra-day peak of 55,102.42, while the broader NSE Nifty advanced 69.80 points or 0.43 percent to record 16,434.20 in initial deals.
M&M was the top gainer in the Sensex pack
M&M was the top gainer in the Sensex pack, rising over one percent, followed by L&T, ITC, Axis Bank, and HDFC Bank. On the other hand, Tech Mahindra, Dr. Reddy's, Sun Pharma, PowerGrid, and Tata Steel were among the laggards. In the previous session, Sensex climbed 318.05 points to close at 54,843.98, and Nifty advanced 82.15 points or 0.26 percent to 16,325.15.
Bulls are showing no signs of fatigue: Expert
Foreign Institutional Investors were net sellers in the capital market as they offloaded shares worth Rs. 212.11 crore on Thursday, as per provisional exchange data. "Bulls are showing no signs of fatigue as Nifty raced to another record. Global support to the rally is intact with the Dow and S&P setting yet another record," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Consistent improvement in key economic data lifted sentiments
Retail investors relentlessly chasing stocks and the sheer momentum in the market has taken the Nifty to 16,500 levels, he said, adding that the rally is likely to be led by private banks and IT names. US equities extended gains with Dow and S&P 500 closing at record highs. A consistent improvement in key economic data lifted sentiments and defied higher inflation, experts said.
Brent crude trading at $70.89 per barrel
Elsewhere in Asia, bourses in Shanghai, Hong Kong, and Seoul were trading with losses in mid-session deals, while Tokyo was positive. Meanwhile, international oil benchmark Brent crude fell 0.59 percent to $70.89 per barrel.
