Equity markets soared on Friday with benchmark indices Sensex and Nifty closing at record highs as metal and Information Technology stocks rallied. The 30-share BSE Sensex gained 0.33%, or 176.72 points, to close at 52,474.76. The broader 50-share Nifty index finished trading at 15,799.35, gaining nearly 0.4%
In Friday’s intraday trading, Sensex hit an all-time high of of 52,641.53, while the Nifty too hit its highest-ever mark at 15,835.55.
Among sectors, the Nifty Metal and Nifty IT (Information Technology) gained the most, rising 2.69% and 1.51% respectively. Experts said that the gains came on back of an economic revival as coronavirus restrictions were being lifted in several parts of the country.
“The stock market is solely focused on the future,” Amar Ambani, head of research, institutional equities at Yes Securities, said, according to Reuters. “Hopes of a quick economic revival post unlock and expectation of large number of adult population vaccinated in 2021, are keeping markets excited.”
As far as individual stocks are concerned, the gains were led by Reliance Industries, Housing Development Finance Corporation, HDFC Bank, Infosys and Power Grid Corporation of India. On Nifty, all the sectoral indices were trading higher led by Nifty Metal, Nifty PSU Bank, Nifty Pharma and Nifty Auto.
On NSE, PowerGrid Corporation, Coal India, JSW Steel, Hindalco Industries and Reliance Industries were the top gainers and Tech Mahindra, Titan Company, Divi’s Laboratories, ONGC and Wipro were the top index losers.
The market’s stellar performance comes as investors await the industrial output data for April to be released later on Friday. Meanwhile, the United States’ inflation data allayed investors’ worries. It offered the much-needed relief to global stock markets.
In morning trade in Asia, Japan’s Nikkei shed early gains and turned 0.11% lower. Seoul’s Kospi was up 0.32%, while Chinese blue-chip shares were down more than 1%.