New Delhi: Indian equity indices continued their upward journey on Friday with the BSE benchmark Sensex It closed above the 66,000 mark for the first time.
The 30-share BSE Sensex closed at its new all-time high of 66,060.90, up 502.01 points or 0.77 per cent. nse smelly To close at a new record high of 19,564.50, up 150.75 points or 0.78 per cent.
Today’s rally in the indices was boosted by IT stocks on hopes that the US Federal Reserve will halt its rate hike cycle.
The recent moderation in inflation in the US has rekindled hopes that the US Federal Reserve may hold off on raising rates after July.
Indian IT companies, which derive a bulk of their revenue from the world’s largest economy, rallied over 4.45% on the prospect of a Fed rate hike stalling, despite weak earnings reports from TCS, Wipro and HCLTech this week. .
“This is driven by very strong fund inflows as well as prospects for the end of the rate-hike cycle in the US,” said Samrat Dasgupta, chief executive officer at Esquire Capital Investment Advisors.
Analysts also attribute the recent resurgence in Indian stocks to continued buying by foreign investors. Along with global factors, stable corporate earnings and strong macroeconomic fundamentals have also contributed to the market rally.
Foreign institutional investors have shown a net investment of Rs 88,256 crore in equities in the first half of 2023. This marks a significant change from 2022 when these investors sold stocks worth over Rs 1.2 lakh crore.
The data shows that FPIs bought Indian stocks worth Rs 7,936 crore, Rs 11,631 crore, Rs 43,838 crore and Rs 47,148 crore in March, April, May and June, respectively.
Interestingly, the Indian stock indices continued to trade higher even after the retail inflation data for June picked up significantly. Reversing the trend, retail inflation in India rose significantly to 4.81 per cent in June, mainly due to a sharp jump in vegetable prices. The rural and urban inflation indices stood at 4.72 per cent and 4.96 per cent, respectively.
From the Sensex pack, HCL Technologies, Infosys, Tech Mahindra, State Bank of India, UltraTech Cement, Tata Steel, Tata Consultancy ServicesICICI Bank and Kotak Mahindra Bank were the top gainers.
In the Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading in the green.
US markets closed in positive territory on Thursday.
(with inputs from agencies)
The 30-share BSE Sensex closed at its new all-time high of 66,060.90, up 502.01 points or 0.77 per cent. nse smelly To close at a new record high of 19,564.50, up 150.75 points or 0.78 per cent.
Today’s rally in the indices was boosted by IT stocks on hopes that the US Federal Reserve will halt its rate hike cycle.
The recent moderation in inflation in the US has rekindled hopes that the US Federal Reserve may hold off on raising rates after July.
Indian IT companies, which derive a bulk of their revenue from the world’s largest economy, rallied over 4.45% on the prospect of a Fed rate hike stalling, despite weak earnings reports from TCS, Wipro and HCLTech this week. .
“This is driven by very strong fund inflows as well as prospects for the end of the rate-hike cycle in the US,” said Samrat Dasgupta, chief executive officer at Esquire Capital Investment Advisors.
Analysts also attribute the recent resurgence in Indian stocks to continued buying by foreign investors. Along with global factors, stable corporate earnings and strong macroeconomic fundamentals have also contributed to the market rally.
Foreign institutional investors have shown a net investment of Rs 88,256 crore in equities in the first half of 2023. This marks a significant change from 2022 when these investors sold stocks worth over Rs 1.2 lakh crore.
The data shows that FPIs bought Indian stocks worth Rs 7,936 crore, Rs 11,631 crore, Rs 43,838 crore and Rs 47,148 crore in March, April, May and June, respectively.
Interestingly, the Indian stock indices continued to trade higher even after the retail inflation data for June picked up significantly. Reversing the trend, retail inflation in India rose significantly to 4.81 per cent in June, mainly due to a sharp jump in vegetable prices. The rural and urban inflation indices stood at 4.72 per cent and 4.96 per cent, respectively.
From the Sensex pack, HCL Technologies, Infosys, Tech Mahindra, State Bank of India, UltraTech Cement, Tata Steel, Tata Consultancy ServicesICICI Bank and Kotak Mahindra Bank were the top gainers.
In the Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading in the green.
US markets closed in positive territory on Thursday.
(with inputs from agencies)