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IndiaTelecom, auto, tech stocks help Sensex, Nifty hit fresh lifetime highs

Telecom, auto, tech stocks help Sensex, Nifty hit fresh lifetime highs



Equity benchmark indices Sensex and Nifty darted up to fresh lifetime highs on Friday, propelled by a rally in global markets and fresh foreign capital inflows.

Besides, buying in telecom, auto and tech stocks also helped markets to settle with gains, traders said.

Rallying for the 11th day running, the 30-share BSE Sensex jumped 319.63 points or 0.47 per cent to settle at a record closing of 67,838.63. During the day, it rallied 408.23 points or 0.60 per cent to hit its fresh all-time intra-day high of 67,927.23. The Nifty went up by 89.25 points or 0.44 per cent to end at its all-time closing high of 20,192.35.

During the day, it advanced 119.35 points or 0.59 per cent to hit its lifetime intra-day peak of 20,222.45. Bharti Airtel was the biggest gainer in the Sensex pack, rising 2.37 per cent, followed by Mahindra & Mahindra, HCL Tech, Tata Motors, Tech Mahindra, HDFC Bank, Wipro, Tata Consultancy Services, Axis Bank and Nestle.

Asian Paints, Hindustan Unilever, Bajaj Finserv and NTPC were among the laggards. In Asian markets, Seoul, Tokyo and Hong Kong ended with gains, while Shanghai settled lower.

Foreign Institutional Investors (FIIs) turned buyers on Thursday as they bought equities worth Rs 294.69 crore, according to exchange data. “The market is inching towards a new direction with renewed buying in auto and IT stocks in expectation of strong festive demand and a strong deal wins.

Better-than-expected economic data from China and stimulus hopes further added optimism in global markets. “The ECB (European Central Bank) hinted at a potential pause in rates due to receding inflation, while investors are now focused on central bank meetings next week, with the US Fed, BoE (Bank of England), and BoJ  (Bank of Japan) set to announce their rate decisions,” said Vinod Nair, head of at Geojit Financial Services.

Global oil benchmark Brent crude climbed 0.26 per cent to $93.94 a barrel.

The Northlines is an independent source on the Web for news, facts and figures relating to Jammu, Kashmir and Ladakh and its neighbourhood.

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