Sensex jumps 800 points to record highs on FII buying, monsoon progress: Market watch

Buoyancy in international markets and the advance of monsoon lifted Indian inventory markets to new highs with the BSE Sensex surging by greater than 800 points on Friday.

Domestic equities continued their northbound journey after a day’s break, supported by optimistic international information, wholesome FII shopping for and powerful progress in monsoon.

Nifty opened hole up and strengthened all through the day to shut close to the day’s excessive with good points of 213 points (+1.1 per cent) at 19,186 ranges. The broader market too participated within the rally with the Nifty midcap 100 at a contemporary record excessive. All sectors ended within the inexperienced, besides metals, stated Siddhartha Khemka, Head-Retail Research, Motilal Oswal Financial Services.

Auto and IT shares are within the limelight because the BSE Sensex closed at a record 64,718 points. The Sensex is properly previous the 64,000 mark and breaching new highs on robust international cues.

Among the Sensex shares, M&M was the highest performer gaining 4.1 per cent. Infosys jumped 3.2 per cent whereas Indusind Bank was up 3 per cent. Sun Pharma gained 2.8 per cent, TCS up 2.6 per cent, Maruti up 2.5 per cent and L&T was up 2.2 per cent.

Indian indices are on a record-breaking spree, ending the month of June with good points of three.5 per cent (Nifty) on the again of robust FIIs stream of Rs 20,900 crore MTD and the advance of the southwest monsoon that boosted investor sentiments.

“We count on the uptrend in Indian equities to proceed within the close to time period,” Khemka added.

Next week, the market will take cues from financial information to be launched domestically in addition to globally. Investors would additionally watch out for FOMC minutes to get insights into the US Central Bank’s future course of course. The auto sector is anticipated to be within the limelight, as corporations would launch month-to-month gross sales information.

Vinod Nair, Head of Research at Geojit Financial Services, stated the dearth of worldwide assist had restrained the Indian indices from pursuing their record highs earlier, regardless of the presence of a resilient home macroeconomic background.

With optimistic surprises helping buoyancy within the international market and the advance of the southwest monsoon, the home market succeeded in marching to new highs with renewed power. Global investor sentiments have been uplifted by a beneficial revision in Q1 GDP, a fall in jobless claims, and the optimistic end result of the Fed’s US financial institution stress take a look at, he added.

(With inputs from IANS)