Benchmark equity indices Sensex and Nifty reached new all-time highs in early trading today, following positive regional trends and encouraging US economic data that alleviated growth concerns. Investors are also awaiting domestic quarterly growth figures.
In early trade, the NSE Nifty 50 index climbed to 25,333.28, and the S&P BSE Sensex rose to 82,725.28, with both indices setting fresh records.
The equity markets have been on a steady rise, buoyed by expectations of a US interest rate cut and an influx of foreign funds.
Among the 30 companies listed on the Sensex, Bajaj Finserv, HCL Tech, ITC, Tech Mahindra, Infosys, and Asian Paints saw the biggest gains. Conversely, Tata Motors, Mahindra & Mahindra, NTPC, and Bharti Airtel lagged.
The Nifty index extended its winning streak to twelve consecutive sessions on Friday, marking its longest-ever rally and pushing the market to new highs on hopes of an upcoming US interest rate cut.
In the automotive sector, TVS Motor reported a 13% increase in domestic two-wheeler sales for August, while Hero MotoCorp’s domestic sales grew by nearly 5%.
India’s economic growth for the April-June quarter was 6.7% year-on-year, down from 7.8% in the previous quarter but still the fastest among major global economies. Sakshi Gupta, Principal Economist at HDFC Bank, noted that this growth was achieved despite a typical seasonal slowdown and the impact of the national general elections.
Broader Asian share markets began the week quietly as investors prepared for a data-heavy week, including a key US jobs report that could influence whether the anticipated rate cut this month will be modest or substantial.