Stock market today: Sensex, Nifty hit all-time highs in early trade
As of 9:21 a.m. IST, the S&P BSE Sensex gained 0.33% to 82,396.22, while the NSE Nifty 50 index increased 0.33% to 25,235.9. Both benchmarks reached all-time highs.
As investors anticipate domestic quarterly growth data, Indian equities set new records shortly after the market opened on Friday, matching gains in regional rivals following the release of US economic data that allayed growth concerns.
As of 9:21 a.m. IST, the S&P BSE Sensex gained 0.33% to 82,396.22, while the NSE Nifty 50 index increased 0.33% to 25,235.9. Both benchmarks reached all-time highs.
Expectations of a US rate decrease in September and strong domestic inflows have helped the Nifty soar over the past 11 sessions in a row, its longest winning streak in almost 17 years.
In August, net purchases by domestic institutional investors (DII) have increased share values by $6.14 billion, about double the net outflows from foreign portfolio investors (FPI).
With the MSCI’s broadest index of Asia-Pacific shares outside of Japan rising by 0.7%, Asian markets saw a rise. Due to positive U.S. economic data, the majority of Wall Street stocks increased overnight, with the Dow Jones Industrial Average reaching a record closing high.
To support their predictions on the September rate decrease, market players will now watch US core personal consumption expenditures data, the Fed’s preferred measure of inflation, on Friday.
Business must relieve government of capital expenditure heavy lifting: RBI article
After market hours, investors are also awaiting India’s growth reports for April and June. According to a Reuters poll, lower government spending in the quarter as a result of the national elections is probably what caused GDP to decelerate to 6.9% year over year.
Out of the 13 main sectors, 11 saw gains. The larger and more locally oriented small- and mid-cap stocks experienced a 0.5% increase apiece.
After a recent audit showed “certain deficiencies,” India’s aviation watchdog placed the low-cost airline under intensified surveillance, causing SpiceJet’s stock price to drop by almost 4%.
Balrampur Chini Mills, Shree Renuka, Bajaj Hindusthan, and Dwarikesh Sugar were among the sugar companies that saw a spike of 3% to 10% following the government’s announcement that sugar mills could begin producing ethanol from cane juice or syrup in November.
