Sensex opens at record high of 82,637, Nifty reaches all-time high of 25,257 amid positive economic data

Record highs for Sensex, Nifty

Indian stock markets surged to all-time highs in early trading on Friday, buoyed by gains in regional peers following encouraging US economic data that alleviated growth concerns. Investors are also anticipating upcoming domestic quarterly growth figures.

The NSE Nifty 50 index climbed to a new peak of 25,257, while the S&P BSE Sensex surged to 82,637, both reaching unprecedented levels. This marks a continuation of the Nifty’s impressive run, which has seen it rise for 11 consecutive sessions, its longest winning streak in nearly 17 years.

The rally has been driven by optimism surrounding a potential US interest rate cut in September and strong domestic investment flows. Domestic institutional investors (DIIs) have been active buyers, acquiring shares worth $6.14 billion on a net basis in August, which is about double the net outflows from foreign portfolio investors (FPIs).

Investors also await India’s April-June growth data, due after market hours. A Reuters poll showed growth likely slowed to 6.9% year-on-year in the quarter due to reduced government spending because of national elections.

Eleven of the 13 major sectors logged gains. The broader, more domestically focused small- and mid-caps rose about 0.5% each.

Among individual stocks, SpiceJet fell about 4% after India’s aviation watchdog placed the budget airline under enhanced surveillance after a recent audit revealed “certain deficiencies”.

Sugar stocks like Balrampur Chini Mills, Shree Renuka, Bajaj Hindusthan, and Dwarikesh Sugar rose between 3% and 10% after the government said sugar mills could use cane juice or syrup to produce ethanol from November.

Asian markets rose, with the MSCI’s broadest index of Asia-Pacific shares outside Japan up 0.7%. Most Wall Street equities rose overnight, with the Dow Jones Industrial Average at a record closing high, on robust US economic data. [MKTS/GLOB]

Market participants now await US core personal consumption expenditures data, the Fed’s preferred gauge of inflation, on Friday to confirm bets of the September rate cut.

For all the latest updates, download PGurus App.

The post Sensex opens at record high of 82,637, Nifty reaches all-time high of 25,257 amid positive economic data appeared first on PGurus.