Markets hit record highs: Sensex and Nifty hit record highs just after the open on Friday, tracking gains in their regional peers after US economic data eased growth concerns, while investors await domestic quarterly growth data.
He NSE The Nifty 50 index rose 0.33 per cent to 25,235.9 at 9:21 am IST, while the S&P BSE Sensex added 0.33 percent to 82,396.22, with both benchmark indexes hitting record highs.
The Nifty has risen for the past 11 consecutive sessions, marking its longest winning streak in about 17 years, supported by expectations of a US rate cut in September and healthy domestic capital inflows.
Domestic institutional investors (DIIs) have purchased shares worth $6.14 billion on a net basis so far in August, roughly double the net outflows by foreign portfolio investors (FPIs).
Asian markets rose, with MSCI’s index of Asia-Pacific shares excluding Japan up 0.7 percent. Most Wall Street stocks rose overnight, with the Dow Jones Industrial Average closing at a record high, helped by strong U.S. economic data.
Market participants are now looking ahead to core U.S. personal consumption expenditure data, the Fed’s preferred inflation gauge, due on Friday to confirm bets on a rate cut in September.
Investors are also awaiting India’s growth data for April and June, due after the market close. A Reuters poll showed growth likely slowed to 6.9 percent year-on-year in the quarter due to reduced government spending in the wake of national elections.
Eleven of the 13 major sectors posted gains. The broader, more domestically focused small- and mid-caps rose about 0.5 percent each.
Among individual stocks, SpiceJet fell around 4 per cent after India’s aviation watchdog placed the budget carrier under heightened scrutiny following a recent audit that revealed “certain deficiencies”.
Shares of sugar mills such as Balrampur Chini Mills, Shree Renuka, Bajaj Hindusthan and Dwarikesh Sugar rose 3-10 per cent after the government said sugar mills would be allowed to use cane juice or syrup to produce ethanol from November.
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