Indian stock indices reached new records

Due in large part to strong overnight cues from US markets and consistent fund inflows by foreign portfolio investors, Indian stock indices reached new highs on Friday. Also on Thursday, they experienced new highs.

Sensex and Nifty hit their fresh all-time highs of 67,774.46 and 20,173.15 points, respectively, at the opening bell. At the time of filing this report, Sensex was at 67,726.82 points, up  0.31 per cent, and Nifty at 20,150.20 points, up 0.23 per cent.

NSE data showed that the sectoral indices of the Nifty banks, Nifty auto, Nifty financial services, Nifty IT, Nifty metal, and Nifty pharma were all in the black, while the Nifty FMCG, Nifty media, Nifty PSU bank, and Nifty realty were just barely in the red. According to VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, “Even though the market’s underlying trend is bullish, high valuations and fresh risks like surging crude and rising dollar index can have a negative impact on the market.” According to Vijayakumar, “Brent crude at USD 94 is a major macro worry that the market cannot ignore for long.”