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For stock markets, it's another peak

Sensex crosses 47k and retreats a bit as a stellar week ends

Market likely to remain volatile in near future
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Market likely to remain volatile in near future

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Mumbai: Markets darted up to fresh peaks on Friday, capping off a stellar week where equity benchmarks closed at record highs every session on unabated foreign fund inflows.

After opening at its lifetime intra-day high of 47,026.02, the 30-share BSE Sensex succumbed to selling pressure but rebounded in fag-end trade to finish at a record 46,960.69, up 70.35 points or 0.15 per cent. Similarly, the broader NSE Nifty rose 19.85 points or 0.14 per cent to 13,760.55 - its new closing record.

IT stocks hogged the limelight as better-than-expected results from Accenture Plc enthused investors. Infosys was the top gainer in the Sensex pack, jumping 2.64 per cent, followed by Bajaj Auto, SBI, ICICI Bank, HCL Tech, Titan, Asian Paints and TCS. On the other hand, IndusInd Bank, ONGC, HDFC Bank, Maruti, Bajaj Finserv and Bharti Airtel were among the main losers, skidding up to 3.30 per cent. During the week, the Sensex rallied 861.68 points or 1.86 per cent, while the Nifty surged 246.70 points or 1.82 per cent.

Continuing their buying spree, foreign portfolio investors (FPIs) purchased shares worth a net Rs 2,355.25 crore on Thursday, according to provisional exchange data. FPIs have been net buyers in the domestic capital markets in each session this month so far, following record inflows of Rs 60,358 crore in November.

"Domestic equities recovered from today's low in tandem with recovery in banking stocks. IT index was top performer today with strong buying in many IT counters due to strong performance and upbeat commentary from Accenture.

"Record FPIs flows remain as a key driving force for the market despite DIIs remaining net sellers. Strong prospects of earnings recovery, satisfactory progress on vaccination along with consistent improvement in recovery rate from Covid-19 cases, weak dollar and depressed interest rate scenario continue to act as key tailwinds for Indian equities to attract FPIs flows," said Binod Modi, Head- Strategy at Reliance Securities.

BSE IT, teck, consumer durables, healthcare, basic materials and FMCG indices climbed as much as 1.70 per cent, while telecom, oil and gas, realty, finance and power closed with losses. Broader BSE midcap and smallcap indices underperformed the benchmark, shedding up to 0.35 per cent.

Global markets were mixed as investors monitored the UK-EU Brexit talks as well as negotiations for fresh stimulus in the US. Elsewhere in Asia, bourses in Seoul ended on a positive note, while Shanghai, Hong Kong and Tokyo were in the red. Stock exchanges in Europe were trading on a mixed note in early deals. Meanwhile, the global oil benchmark Brent crude futures slipped 0.35 per cent to $51.32 per barrel.

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