Stock market update: Sensex hits fresh record high in early trade on buying in IT stocks, rally in global markets

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The BSE benchmark Sensex hit its fresh all-time high level in early trade on Friday amid heavy buying in IT stocks and a rally in global markets.

The BSE Sensex climbed 119.38 points to reach a record peak of 85,955.50 in early trade. The NSE Nifty went up 34.5 points to 26,250.55.

From the 30 Sensex firms, Infosys, Tech Mahindra, HCL Technologies, Sun Pharma, Tata Consultancy Services and Tata Steel were the biggest gainers.

Power Grid, Larsen & Toubro, Bharti Airtel and Mahindra & Mahindra were among the laggards.

In Asian markets, Tokyo, Shanghai, and Hong Kong were trading higher while Seoul quoted lower.

The US markets ended in the positive territory on Thursday.

"A significant global market trend is the outperformance of China and Hong Kong this month on hopes that the Chinese stimulus will improve the Chinese economy and valuations in these markets where valuations are cheap now. IT stocks are likely to respond positively to the good guidance of Accenture," V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said while speaking about the stock market update, reported PTI.

Foreign Institutional Investors (FIIs) turned buyers on Thursday as they bought equities worth Rs 629.96 crore, according to exchange data. Domestic Institutional Investors (DIIs) also bought equities worth Rs 2,405.12 crore.

Global oil benchmark Brent crude dipped 0.24 per cent to USD 71.43 a barrel.

The BSE benchmark jumped 666.25 points or 0.78 per cent to settle at an all-time high of 85,836.12 on Thursday. During the day, it reached a record intra-day peak of 85,930.43, surging 760.56 points or 0.89 per cent.

The Nifty climbed 211.90 points or 0.81 per cent to close at a record high of 26,216.05. During the day, it soared 246.75 points or 0.94 per cent to hit a fresh intra-day lifetime peak of 26,250.90.

Rupee rises 2 paise to 83.64 against US dollar

Rupee rises 2 paise to 83.64 against the US dollar in early trade on Friday amid softening crude oil prices and inflow of foreign funds.

The Indian currency was, however, weighed down by a subdued domestic equity market and a stronger greenback against major rivals overseas amid increased month-end dollar demand from importers, forex traders said.

At the interbank foreign exchange, the local unit opened at 83.64 and touched the low of 83.69 before trading again at 83.64 against the American currency, registering a gain of 2 paise from its previous close.

On Thursday, the rupee declined 8 paise to settle at 83.66 against the American currency.

(With inputs from PTI)