Equity benchmark indices, namely the Sensex and Nifty, experienced a noteworthy surge to achieve fresh all-time highs on the recent Friday. This upward trajectory was fueled by an international market rally and a influx of foreign capital. Additionally, the markets benefited from increased buying activity in sectors such as telecommunications, automotive, and technology, as reported by traders who closely follow these trends.
The remarkable rally persisted for the 11th consecutive day, with the 30-share BSE Sensex demonstrating impressive performance. It surged by 319.63 points or 0.47 percent, reaching an unprecedented closing level of 67,838.63. Notably, throughout the day, it displayed remarkable strength by surging 408.23 points or 0.60 percent, ultimately achieving an all-time intra-day pinnacle of 67,927.23.
Meanwhile, the Nifty also exhibited noteworthy gains, ascending by 89.25 points or 0.44 percent, culminating in an all-time closing peak of 20,192.35. Its performance during the trading session was equally impressive, with an ascent of 119.35 points or 0.59 percent, reaching an intra-day zenith of 20,222.45.
Within the Sensex pack, Bharti Airtel secured the top position as the biggest gainer, recording a notable increase of 2.37 percent. It was followed by prominent performers such as Mahindra & Mahindra, HCL Tech, Tata Motors, Tech Mahindra, HDFC Bank, Wipro, Tata Consultancy Services, Axis Bank, and Nestle. Conversely, companies like Asian Paints, Hindustan Unilever, Bajaj Finserv, and NTPC were among the laggards during this trading period.
It is worth noting that in the broader Asian markets, locations such as Seoul, Tokyo, and Hong Kong concluded with gains, while Shanghai experienced a dip in performance. Moreover, European equities were displaying strength by trading in positive territory, while the US markets had a favorable closing session on the preceding Thursday.
Notably, Foreign Institutional Investors (FIIs) displayed a shift in their investment approach on Thursday, as indicated by data from exchanges, wherein they engaged in equity purchases amounting to Rs 294.69 crore.
Market analysts have attributed these developments to several factors, including the resurgence of interest in automotive and information technology (IT) stocks, driven by expectations of robust demand during the festive season and the acquisition of substantial business contracts. Furthermore, better-than-anticipated economic data emerging from China, coupled with optimism surrounding potential stimulus measures, has provided an added boost to global markets.
Additionally, there have been noteworthy developments on the monetary policy front. The European Central Bank (ECB) hinted at a potential pause in interest rates due to diminishing inflationary pressures. As a result, market participants are now directing their attention to central bank meetings scheduled for the upcoming week, with the US Federal Reserve (FED), Bank of England (BoE), and Bank of Japan (BoJ) all poised to announce their respective rate decisions.
In the realm of commodities, the global oil benchmark, Brent crude, exhibited a rise of 0.26 percent, reaching a value of USD 93.94 per barrel.
In retrospect, on the previous trading day, the BSE gauge had managed to gain 52.01 points or 0.08 percent, settling at 67,519. Similarly, the Nifty had advanced by 33.10 points or 0.16 percent, ultimately achieving an all-time closing peak of 20,103.10.
