Sensex breaches 71k as mkts fire on all cylinders

Gaining For 7Weeks

• During the day, Sensex surged 1,091.56 pts or 1.54% to 71,605.76
• Nifty climbed 273.95 pts or 1.29% to 21,456.65
• During the day, Nifty zoomed 309.6 pts or 1.46% to record intra-day peak of 21,492.30
• Mkts up 7th consecutive weekly gain
• FIIs bought equities worth Rs3,570.07 cr
• Re recovery, positive macro data further strengthened sentiment

Mumbai: Benchmark equity indices surged more than one per cent to hit their new all-time highs on Friday, with BSE Sensex breaching the 71,000 mark, as domestic macroeconomic data and easing concerns over the US economic growth bolstered market sentiment. Besides, heavy buying in IT, tech and metal counters amid sustained buying by foreign investors helped the domestic equities, traders said.

Rising for the third day running, the 30-share BSE Sensex jumped 969.55 points or 1.37 per cent to settle at its record closing high of 71,483.75. During the day, it surged 1,091.56 points or 1.54 per cent to 71,605.76, its all-time intra-day high level. The Nifty climbed 273.95 points or 1.29 per cent to settle at its new closing high of 21,456.65. During the day, it zoomed 309.6 points or 1.46 per cent to hit its record intra-day peak of 21,492.30. As many as 1,969 stocks advanced, while 1,801 declined and 118 remained unchanged.

“The Nifty’s upward momentum persists with the bulls maintaining control in the market. Achieving a new all-time high, the index has marked its seventh consecutive weekly gain,” said Rupak De, senior technical analyst, LKP Securities.

HCL Technologies was the biggest gainer in the Sensex pack, rising 5.58 per cent, followed by Tata Consultancy Services and Infosys, State Bank of India, Tech Mahindra, Tata Steel, NTPC and Wipro. In contrast, Nestle, Bharti Airtel, Maruti and ITC were among the laggards.

On the weekly front, the BSE benchmark jumped 1,658.15 points or 2.37 per cent, while the Nifty climbed 487.25 points or 2.32 per cent.

“The buoyancy continued in the market as investors were expecting the clouds over US economic growth to recede by H2 CY24 and that the economy would achieve a soft landing aided by normalisation in monetary policy. The IT index outperformed on expectations of a rise in demand in the US economy,” said Vinod Nair, head (research), Geojit Financial Services.

“The stock market rally has come on the back of a dovish stance by the US Federal Reserve, which has signalled around three rate cuts in the coming years, Devarsh Vakil, Deputy Head of Retail Research, HDFC Securities.