Share Market Today: Sensex Up 300 Points; Nifty Above 25200. Airtel Gains 2%
Share Market Today: On the 30-share Sensex platform, Airtel, M&M, PowerGrid, NTPC, Tata Steel, JSW Steel were among the gainers
Share market today: The two key equity benchmark indices, Sensex and Nifty, on Friday reached new all-time highs during early trading, driven by a bullish rally in domestic stocks, strong trends in Asian markets, and fresh inflows of foreign funds. At 11.15 am, the BSE Sensex gained 297 points to 82,431. On the other hand, the NSE Nifty50 was trading at 25242, up 90 points.
Stock update
On the 30-share Sensex platform, Airtel, M&M, PowerGrid, NTPC, Tata Steel, JSW Steel were among the gainers. On the down side, Tata Steel, ITC, Adani Ports, Reliance, Axis Bank, Bajaj Finserv emerged losers.
In the previous session on Thursday, the BSE Sensex gained 349 points to end at an all-time closing high of 82,135, while the NSE Nifty50 soared 100 points to close at a new high of 25,152.
In the broader market, the BSE Midcap and Smallcap indices rose 0.5 per cent each.
Sectoral update
Sectorwise, healthcare, realty, pharma indices gained 1 per cent each.
"Continuation of accumulation of quality largecaps by the DIIs (Domestic Institutional Investors) and HNIs and the FIIs reducing their selling significantly and buying on certain days have contributed to the resilience of the market," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said, key catalysts for markets rally include substantial FII buying, positive global cues, and upbeat US GDP data.
Global update
In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong were trading with gains. The US markets ended on a mixed note on Thursday.
Foreign Institutional Investors (FIIs) bought equities worth Rs 3,259.56 crore on Thursday, according to exchange data.
Domestic Institutional Investors also bought equities worth Rs 2,690.85 crore.
Global oil benchmark Brent crude climbed 0.23 per cent to $80.12 a barrel.
Rupee jumps 7 paise
Rupee appreciated 7 paise to 83.82 against the US dollar in morning trade on Friday, supported by significant foreign fund inflows and a positive trend in domestic equities. Forex traders said a rise in global risk sentiments supported the rupee, while recovery in the US dollar and month-end dollar demand from importers and oil marketing companies (OMCs) weighed on investor sentiments.
At the interbank foreign exchange market, the local unit opened at 83.83, then gained ground to touch 83.82, registering a rise of 7 paise from its previous close. On Thursday, the rupee appreciated 8 paise to close at 83.89 against the American currency.
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