Sensex Surges 1,000 Points, Nifty Hits Record High
Friday’s Indian stock market saw a notable surge as the Nifty index crossed the 24,500 barrier for the first time and the BSE Sensex shot up around 1,000 points. While the Nifty gained 219 points, suggesting good market mood driven by strong performance in the IT sector, notably following Tata Consultancy Services (TCS) disclosure of robust Q1 profits, the Sensex surged by 996 points to reach a record high of 80,893.
Important Market Rally Highlights: Investor Wealth surge Rising from Rs 451.20 lakh crore in the previous session to Rs 454.01 lakh crore, investor wealth shown by the BSE market capitalisation rose by Rs 2.81 lakh crore. IT equities such TCS, Tech Mahindra, Infosys, and HCL Tech—which recorded gains of up to 4.17%—were main drivers of this increase.
On the BSE, 230 stocks in all attained their 52-week highs; 14 stocks reached their 52-week lows. With 2,100 stocks trading in the green, 1,539 stocks falling, and 169 stocks staying the same, the market’s breadth stayed positive.
The BSE Bankex index jumped by 478 points while the BSE IT index shot 1,211 points. The car and real estate sectors, however, limited advances; the BSE Realty index dropped by 60 points and the BSE car index fell by 75 points.
Based on provisional data from the NSE, domestic institutional investors (DIIs) bought shares valued Rs 1,676.47 crore while foreign institutional investors (FIIs) sold equities valued Rs 1,137 crore on a net basis on Thursday.
As of 11:46 AM on Friday, the BSE Sensex was trading at 80,526.19, up by 629 points or 0.79%; the Nifty50 was at 24,506.35, up by 187 points or 0.77%. On the Sensex, top gains went to TCS, Tech Mahindra, HCL Tech, Infosys, Axis Bank, and Bajaj Finance. Titan, Tata Steel, ITC, Sun Pharmaceutical, and Asian Paints were the biggest losers instead.
Head of Retail Research at Motilal Oswal, Siddhartha Khemka, observed the general strength of the market and underlined that every dip is being bought under support from strong domestic flows and recent FII buying. With immediate support at 24,150, Nagaraj Shetti of HDFC Securities pointed out the choppy but bullish trend of the Nifty and suggested that a move above 24,500 might target 24,900 in the near term.
With S&P 500 futures remaining stable, Hang Seng futures rising by 0.7%, Japan’s Topix falling by 0.8%, Australia’s S&P/ASX 200 rising by 0.7%, and Euro Stoxx 50 futures rising by 0.4%, global markets show conflicting tendencies. Against the US dollar, the euro, Japanese yen, and offshore yuan stayed basically unaltered in the currency market. Driven by robust summer demand and lowered inflationary pressures in the US, oil prices experienced a rise; Brent crude futures rose 37 cents to $85.77 per barrel and US West Texas Intermediate crude futures rose 50 cents to $83.12 per barrel.