D-Street climbs to fresh record high tracking global market rally
Federal Reserve's policy meeting earlier this week. Gains were seen across all the sectors.
The BSE Sensex was trading 287 points or 0.41% higher at 70,801.
Nifty50 was trading at 21,271, up 89 points or 0.42% at around 9:22 am.
In early trade on Friday, the market capitalisation of all listed companies on BSE surged by Rs 1.64 lakh crore to Rs 356.66 lakh crore.
From the Sensex stocks, Infosys, JSW Steel, Tata Steel, HCL Tech, and Sun Pharma opened with gains, while only Axis Bank, Nestle, Bharti Airtel, and Power Grid opened with cuts.
Smallcap stock Texmaco Rail & Engineering opened over 10% higher after the company received orders worth Rs 1,374 crore.
Genus Power Infrastructures shares opened with a 5% upper circuit after the firm won orders worth Rs 1,026 crore.
On the sectoral front, Nifty Metal surged 1.6%, while Nifty IT rose 0.9%, led by L&T Technology Services and Infosys.
Nifty Bank, Auto, Media, Pharma, Consumer Durables, and Oil & Gas also opened higher.
Experts View
«Market is likely to consolidate after the run up in the first half of this month. Positive news flows and buy on dips can keep the market resilient,» said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
«The strongest tailwind for the market now is the sharp dip in the US bond yield (the 10-year is around 3.95%) triggering large capital flows to emerging markets like India.
Since large cap financials and IT are reasonably valued and have been FII’s favourite sectors, these segments will continue to do well,» Vijayakumar said.
Deven Mehata, Research Analyst at Choice Broking, «Nifty can find support at 21,150 after a gap up opening, followed by 21,100 and 21,050. On the higher side, 21,250 can be an
