Bulls in Action! Sensex, Nifty hit fresh highs on rally in IT, auto stocks; gain 6% on half-yearly basis
Sensex ended 803 points or 1.26% higher at 64,720 after robust economic data from the US eased fears of a slowdown and improved broader sentiment. From the Sensex pack, M&M, Infosys, and IndusInd Bank were the top gainers, rising 3-4%. Sun Pharma, TCS, Maruti, L&T, Power Grid, and Tech Mahindra also ended with gains.
On the other hand, only ICICI Bank and NTPC closed with cuts. On a half-yearly basis, S&P BSE benchmark Sensex jumped 3,913 points or 6.43% to end at 64,753. The broader NSE Nifty surged 1,084 points or 5.98% higher to end at 19,189.
The market capitalisation of all listed companies on BSE surged by Rs 2.36 lakh crore to Rs 296.47 lakh crore in Friday's trade. Meanwhile, in June, that of all listed firms on BSE advanced Rs 12.35 lakh crore to Rs 296.47 lakh crore. In the broader market, Nifty Midcap100 touched a new 52-week high of 35,782, rising 0.66%.
Nifty Smallcap100 closed 0.42% higher. Sector-wise, Nifty IT advanced 2.5%, Nifty Auto surged 2.07%, and Nifty PSU Bank gained 2.06%. Nifty Financial Services and Nifty Pharma also closed with gains.Expert Views «The lack of global support had restrained the Indian indices from pursuing their record highs earlier, despite the presence of a resilient domestic macroeconomic background.
With positive surprises assisting buoyancy in the global market and the advance of the southwest monsoon, the domestic market succeeded in marching to new highs with renewed strength,» said Vinod Nair, Head of Research at Geojit Financial Services. «Global investor sentiments were uplifted by a favourable revision in Q1 GDP, a fall in jobless claims, and the positive outcome of the Fed’s US bank stress test,» Nair added. Aditya Gaggar Director of Progressive Shares, said, «On the
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