30 August,2024 10:22 AM IST | Mumbai | mid-day online correspondent
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Equity benchmark indices Sensex and Nifty hit their new all-time high levels during early trade on Friday, amid the ongoing bullish rally in domestic stocks, tracking firm trends in Asian markets and fresh foreign fund inflows.
The 30-share BSE Sensex jumped 502.42 points to hit a fresh all-time high of 82,637.03 in early trade. The NSE Nifty surged 105.7 points to hit a new record peak of 25,257.65, reported PTI.
Among the 30 Sensex firms, Bajaj Finserv, HDFC Bank, Titan, Bajaj Finance, NTPC, Power Grid, Asian Paints and HCL Technologies were the biggest gainers.
Tata Motors and Sun Pharma were the laggards.
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In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading with gains. The US markets ended on a mixed note on Thursday.
Foreign Institutional Investors (FIIs) bought equities worth Rs 3,259.56 crore on Thursday, according to exchange data. Domestic Institutional Investors also bought equities worth Rs 2,690.85 crore.
"Continuation of accumulation of quality large-caps by the DIIs (Domestic Institutional Investors) and HNIs and the FIIs reducing their selling significantly and buying on certain days have contributed to the resilience of the market," V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said while speaking about the stock market update, reported PTI.
"Indian markets are expected to record a two decades high successive positive days run rate today. GDP is expected to come a little soft this evening. A lower than expected GDP number could lead to markets seeking a rate cut by the RBI at its October MPC meeting," Ajay Bagga, Banking and Market Expert, said while speaking about the stock market update, reported PTI.
He further highlighted that "This year's rally has been driven by domestic Indian flows, with FIIs contributing just USD 2.6 billion this year versus the USD 22 billion in 2023. Moody's increased their estimate of Indian GDP for both 2024 and 2025 while decreasing the inflation outlook number".
Global oil benchmark Brent crude climbed 0.23 per cent to USD 80.12 a barrel.
While speaking about the stock market update, Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said, key catalysts for a market rally include substantial FII buying, positive global cues, and upbeat US GDP data, reported PTI.
The BSE benchmark jumped 349.05 points or 0.43 per cent to settle at an all-time closing high of 82,134.61 on Thursday, extending its winning momentum to the eighth day in a row.
Rallying for the 11th straight session, the Nifty surged 99.60 points or 0.40 per cent to settle at a new closing high of 25,151.95.
(With inputs from PTI and ANI)
