Sensex, Nifty at new record highs on buying in IT stocks, rally in global markets

Mumbai : Sensex and Nifty reached record high levels on Friday due to strong buying in IT stocks and a surge in global markets. New investments from overseas also contributed to the positive outlook in the financial markets. In early trading, the BSE Sensex reached a new all-time high of 85,966.03 after rising by 129.91 points. The NSE Nifty surged by 61.3 points, reaching a record high of 26,277.35. The top performers among the 30 Sensex companies were Titan, IndusInd Bank, Tata Steel, Infosys, Asian Paints, Tata Consultancy Services, Hindustan Unilever, Tech Mahindra, HCL Technologies, and NTPC. Power Grid, Larsen & Toubro, Bharti Airtel, and Kotak Mahindra Bank were among the companies that underperformed. Tokyo, Shanghai, and Hong Kong experienced gains in Asian markets, whereas Seoul saw a decline. Thursday saw the US markets closing in the positive zone.

This month, China and Hong Kong have shown impressive growth in the global market due to optimism about the Chinese stimulus boosting the economy and market valuations in these currently undervalued markets. According to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, IT stocks are expected to react favorably to Accenture's positive guidance. According to data from the exchange, Foreign Institutional Investors (FIIs) became purchasers on Thursday by acquiring equities valued at Rs 629.96 crore. DIIs also made purchases of equities totaling Rs 2,405.12 crore. The global oil benchmark Brent crude fell by 0.29 pc to reach USD 71.39 per barrel.

On Thursday, the BSE benchmark surged 666.25 points, reaching a record high of 85,836.12, which is a 0.78 per cent increase. Throughout the day, it hit an all-time high of 85,930.43, jumping 760.56 points or 0.89 percent. The Nifty rose by 211.90 points or 0.81 percent to reach a new all-time high of 26,216.05 before closing. Throughout the day, it surged by 246.75 points.