The stock market indices opened at new record highs on Friday (July 16). Sensex rose 111.99 points or 0.21 percent at 53,270.84. The Nifty was up 36.20 points or 0.23 percent at 15,960.40.
After surging to a peak of 53,290.81 in opening session, the 30-share BSE index was trading 111.60 points or 0.21 per cent higher at 53,270.45 in initial deals, while the broader NSE Nifty rose 33.60 points or 0.21 percent to 15,957.80.
ITC was the top gainer in the Sensex pack, surging over 1 percent, followed by Sun Pharma, Dr Reddy’s, Reliance Industries and HDFC.
On the other hand, HCL Tech, Tech Mahindra, ICICI Bank, Infosys and NTPC were among the laggards.
In the previous session, Sensex settled 254.75 points or 0.48 percent higher at its lifetime high of 53,158.85, and Nifty rose 70.25 points or 0.44 percent to its all-time high of 15,924.20.
Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 264.77 crore on Thursday, as per provisional exchange data.
"Domestic equities look to be modestly good as of now. Notably, dovish remarks of Federal Reserve Chairman Powell in his testimony despite surge in inflation should offer comfort to global equities including India," said Binod Modi Head-Strategy at Reliance Securities, PTI said.
Benchmark Nifty, which was consolidating in the range of 15,600-15,900 for the last couple of weeks, is set to cross 16,000 levels shortly, he said, adding that higher crude prices, spread of delta plus variant globally and weakening INR could be a near risk for markets.
Asian shares decline
Asian shares fell in morning trade as investors await the Bank of Japan's monetary policy statement. The Nikkei 225 in Japan fell 0.84 percent in the morning trade while the Topix index slipped fractionally. South Korea's Kospi declined 0.52 percent.
Quarterly earnings today
HDFC Asset Management Company, Den Networks, GNA Axles, Just Dial, L&T Finance Holdings, Maximaa Systems, Starlog Enterprises, and Visagar Polytex will release quarterly earnings today.
Eight stocks--Granules India, Indiabulls Housing Finance, Vodafone Idea, NALCO, NMDC, Punjab National Bank, SAIL and Sun TV Network are under the F&O ban for July 16.
Fuel prices remain unchanged
The oil marketing companies kept the retail prices of petrol and diesel unchanged on Friday, after touching new highs on the previous day.
Accordingly, the price of petrol continues to remain at Thursday's level of Rs 101.54 a litre and diesel Rs 89.87 per litre in Delhi.
In Mumbai, the price of petrol was held unchanged at an all-time high of Rs 107.54 per litre. Diesel price also continues to be at Rs 97.45 a litre, the highest among metros.
In Chennai, petrol is priced at Rs 102.23 per litre while the price of diesel is Rs 94.39 per litre. The price of petrol in Kolkata is Rs 101.74 per litre while diesel is sold at Rs 93.02 per litre.
On Thursday, petrol price was hiked by 35 paise per litre and diesel by 15 paise, pushing rates to a new high across the country.
International oil benchmark Brent crude declined 0.12 per cent to USD 73.38 per barrel.
RBI's second purchase of govt bonds
The Reserve Bank of India on July 15 announced the second purchase of government bonds under the government securities acquisition programm 2.0 (G-SAP 2.0). This will be conducted for Rs 20,000 crore on July 22. Further, the RBI said it reserves the right to decide on the quantum of purchase of individual securities, accept bids for less than the aggregate amoutn, purchase marginally higher/lower than the aggreggate amount due to rounding off and accept or reject any or all the bids either wholly or partially without assigning any reasons.