Indian equity benchmarks Sensex and Nifty continued their record-setting spree on Friday to hit fresh all-time highs driven by strong gains in information technology stocks.
The 30-share BSE Sensex breached the 72,700 level for the first time, touching an intraday high of 72,720.96 in afternoon deals. Similarly, the NSE Nifty 50 index surged to its new peak of 21,928.25.
The rally was led by IT majors like Infosys, TCS, Tech Mahindra, and HCL Tech surging between 3-7%. Their positive reaction came after Infosys and TCS reported better-than-expected Q3 earnings this week.
Banking and financial stocks also witnessed strong momentum with SBI, ICICI Bank, and HDFC Bank climbing to 2% each. Sensex had vaulted nearly 500 points helped by across-the-board buying earlier in the day.
Globally, Asian markets were buoyant as Japan’s Nikkei and Hang Seng rose over 1% each. However, most European indices traded mixed while the US futures turned flat ahead of key inflation data.
Back home, the ongoing record-setting spree on D-Street reflects investors’ optimism that the domestic economy remains resilient despite global headwinds. Sensex and Nifty have already gained over 4% since the beginning of 2023.
Analysts, however, advise some caution given premium valuations and warned that global cues will remain key drivers for further upside.
