Stock Market: Sensex Surges 467 Points, Close At Record High; Nifty Above 18,800; HDFC Life Top Gainer

Stock update: On the 30-share Sensex platform, Wipro, TCS, Power, Tech Mahindra were the only losers. On the flip side, Bajaj FInserv, Titan, Kotak Mahindra Bank, HDFC Bank emerged as gainers.

In the broader market, the BSE midcap and smallcap indices both saw a 0.7 per cent rise.

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The two key equity benchmarks, Sensex and Nifty, on Friday, closed on record high levels supported by consistent buying in heavyweight stocks like Reliance Industries, ITC, and HDFC twins. This after economic data from the US boosted bets that Fed may be less hawkish than expected.

The S&P BSE Sensex rallied to a high of 63,520 and was mere 63 points shy from its record high of 63,583. The BSE benchmark eventually ended with a gain of 467 points or 0.74 per cent at 63,385. Similarly, the NSE Nifty 50 hit a high of 18,865, and was just 22 points away from its summit of 18,888 registered on December 01, 2022. The Nifty finally settled 138 points or 0.74 per cent higher at 18,826.

On the 30-share Sensex platform, Wipro, TCS, PowerGrid, and Tech Mahindra were the only losers. On the flip side, Bajaj FInserv, Titan, Kotak Mahindra Bank, HDFC Bank, IndusInd Bank, and ITC emerged as gainers.

HDFC Life, SBI Life Insurance, Bajaj Finserv, Dr Reddy's Laboratories, and Titan Company were among the top gainers on Nifty. On the other hand, Wipro, Bajaj Auto, TCS, BPCL, and ONGC were among the top losers.

In the broader market, the BSE midcap and smallcap indices both saw a 0.7 per cent rise.

Among sectors, the PSU Bank and capital goods sectors saw a rise of 1 per cent each, while FMCG and healthcare sectors were up 0.5 per cent each. However, the IT index declined by 0.38 per cent.

In the previous session on Thursday, the BSE Sensex slipped into the negative zone and closed at 62,918, down 311 points. On the other hand, the NSE Nifty dipped to a low of 18,669 and eventually ended 68 points lower at 18,688.

In Asian markets, Japan's Nikkei notched a fresh three-decade high on Friday, as investors cheered the central bank leaving its ultra-easy policy settings unchanged. Markets in Europe also opened higher. The continent-wide European STOXX 600 index rose 0.2 per cent. The US, and UK stock futures held on to the marginal gains. 

Global markets responded to the outcome of the US Fed meeting. The Federal Reserve announced a temporary halt in interest rate hikes but mentioned the possibility of future rate increases in 2023 to address inflation below 2 per cent in the long term. Meanwhile, the European Central Bank (ECB) raised its benchmark policy rate by 25 basis points and signaled a potential for additional policy tightening.

The Rupee gained 31 paise to close at 81.94 per dollar on Friday against the previous close of 82.18.

Starting the day higher at 81.97, the rupee traded in a range of 82.02 to 81.86 against the US dollar in the interbank foreign exchange market. The domestic unit closed at 81.94, marking a gain of 31 paise compared to the previous close. The rupee had ended lower at 82.25 against the dollar on Thursday, influenced by a strong greenback in international markets and a negative trend in domestic equities.

Crude oil prices experienced a decline on Friday, with Brent crude, the benchmark, slipping by 0.58 per cent to reach $75.23 per barrel.

The dollar index, which measures the strength of the US dollar against a basket of six currencies, showed a marginal increase of 0.08 per cent, reaching 102.20.

As per exchange data, Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Thursday, purchasing shares worth Rs 3,085.51 crore.