On Friday, Sensex ends above 58,000 ever led by gains in metal and auto stocks for the first time.
In the intra-day deals, the Sensex hit a new lifetime high of 58,195 while the Nifty50 index touched 17,340. The 30-share BSE closed above the 58,000-mark for the first time at 58,130 levels, up 277 points or 0.48 percent. Its 50-share counterpart, meanwhile, marched 89 points higher, or 0.52 percent, to settle above 17,300 at 17,324.
“Sensex has gone past 58000 to close the day at 58128, and the Nifty too comfortably rose to 17323. The rise was witnessed across market caps and sectors, though the uptick in midcaps and small caps was a bit muted. The improving general pandemic conditions, the GDP number indicating a continuing revival in economic activity, the increased confidence in facing a potential third wave, the stress on universal vaccination, and finally, the indications from Jackson Hole address by the Fed Chief that tapering off may start as early as later this year but rate hikes may happen much later next year, are the factors which supported the rally in the markets. The developments around the US economy, the revival of activity in Europe – both in the face of rising numbers of fresh infections -would also be factors that would matter in the coming week,” said Dr. Joseph Thomas, Head of Research, Emkay Wealth Management.
The Mukesh Ambani-led Reliance company’s shares hit a fresh record high of Rs.2,394 apiece after they surged over 4 percent on the BSE. Surpassing its previous high of Rs. 2,368.80, touched on September 16, 2020, ahead of Jio Phone Next smartphone launch
Whereas HUL, Bharti Airtel, HDFC Bank, HDFC, IndusInd Bank, and Axis Bank were major losers falling up to 1.18 percent. sub-indices Nifty Oil and Gas, Media, Auto, and Metal gained as much as 2.48 percent on the NSE platform.
Anand James, chief market strategist at Geojit Financial Financial Services said news agency Reuters, “The sentiments look positive and the market is set to continue or at least hold the gains of the week so far on the back of firm equities in Asia and overnight gains in the United States, although the market might be cautious in the second half ahead of US jobs data.”
As per Refinitiv Eikon data, this year the Nifty has hit record high 47 times and the Sensex 38 times.
As per provisional exchange data foreign institutional investors (FIIs) were net buyers in the capital market as on Thursday, they purchased shares worth Rs. 348.52 crore
