Indian benchmark stock indices rose on Friday, mirroring gains in global markets after Wall Street hit record highs in the previous session. The Sensex rose as much as 440 points and the Nifty 50 index touched an intraday high of 25,547.85. Mahindra & Mahindra Reliance Industries, JSW Steel CCI, Information systems , HDFC Bank and Tata Steel were among the top advancers on the Sensex.
At 9:20 am, the Sensex was up 123 points at 83,317 and the Nifty 50 index was up 55 points at 25,470.
Most Asian markets were trading higher, following a record close on Wall Street. Nikkei rose 2 percent, Hong Kong’s Hang Seng rose 0.73 percent, South Korea’s KOSPI advanced 1 percent and the Taiwan Weighted Index rose 0.91 percent.
The S&P 500 rose to a record close on Thursday, a day after the Federal Reserve cut interest rates by 50 basis points and indicated more rate cuts were on the horizon.
The Dow Jones Industrial Average, the main stock index, also hit a record high, closing the session above 42,000 points for the first time.
The S&P 500 rose 1.70 percent to end the session at 5,713.64 points, its highest close so far.
The Nasdaq gained 2.51 percent to 18,013.98 points, while the Dow Jones Industrial Average rose 1.26 percent to 42,025.19 points.
In the domestic market, buying was visible across sectors as all major sectoral indicators compiled by the National Stock Exchange were trading higher, led by the 1.7 per cent rise in the Nifty Metal index. The Nifty Realty, Auto, Pharma, IT, PSU Bank and Oil & Gas indices also rose between 0.5 and 1.7 per cent.
The broader markets also witnessed buying interest as the Nifty Midcap 100 index rose 0.58 per cent and the Nifty Smallcap 100 index gained 0.73 per cent.
JSW Steel was the biggest gainer on the Nifty, the stock rising 3.24 per cent to Rs 979. Hindalco, Tata Steel, Mahindra & Mahindra HDFC Life, Coal India, Divi’s Labs, Bharat Petroleum and Bajaj Finserv also rose between 0.8 and 1.8 per cent.
On the other hand, Axis Bank Tata Motors, Titan, Asian paintings Among the top losers were Cipla, Hero MotoCorp and NTPC.
The overall market breadth was positive as 1,809 stocks advanced while 1,040 gained on the BSE.
(With contributions from Reuters)
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