Market Surge: Sensex and Nifty Hit Record Highs Amid IT Stock Growth

Sensex and Nifty indices reached new all-time highs due to heavy buying in IT stocks and a global market rally. Factors like foreign fund inflows and strong global trends, especially in China, contributed. Key gainers included Titan, IndusInd Bank, and Tata Steel, while Power Grid and Bharti Airtel lagged.

The Sensex and Nifty indices soared to fresh all-time high levels on Friday, driven by robust buying in IT stocks and a bullish global market sentiment.

Foreign fund inflows bolstered market confidence, with the BSE Sensex climbing 129.91 points to a record 85,966.03 in early trade, and the NSE Nifty rising 61.3 points to 26,277.35.

Key gainers in the Sensex 30 included Titan, IndusInd Bank, and Tata Steel, while laggards comprised Power Grid, Bharti Airtel, and Kotak Mahindra Bank. Asian markets showed a mixed trend, with Tokyo, Shanghai, and Hong Kong trading higher and Seoul trading lower. The US markets had closed positively on Thursday.

V K Vijayakumar of Geojit Financial Services noted that the positive sentiment was partly driven by the outperformance of China and Hong Kong markets on prospects of economic stimulus. On the institutional front, FIIs bought equities worth Rs 629.96 crore, while DIIs invested Rs 2,405.12 crore.

In contrast, global oil benchmark Brent crude dipped slightly by 0.29 per cent to USD 71.39 a barrel. The BSE benchmark had previously surged 666.25 points on Thursday to close at an all-time high, with the NSE Nifty following closely behind.

(With inputs from agencies.)