Auto and IT stocks are in the limelight as the BSE Sensex traded up more than 500 points on Friday. Infosys shares at 2:08 pm IST were trading at Rs 1,328 with a gain of 2.71 per cent and Tata Motors shares were trading at Rs 596.25, up by 1.66 per cent.
Benchmark equity indices hit their fresh all-time high levels in early trade on Friday, helped by foreign fund inflows and positive trends in the global markets. Rallying for the third straight day, the 30-share BSE Sensex on Friday opened with a jump of 499.42 points to reach its lifetime high of 64,414.84 in early trade. The NSE Nifty climbed 136.1 points to hit its all-time peak of 19,108.20.
The Sensex through the day reached its lifetime high of 64,600.95 with Mahindra and Mahindra and Indusind Bank up by over 3 per cent. Sun Pharma, Infosys, Maruti, TCS were up more than 2 per cent each.
Since valuations are rich from the short-term perspective some profit booking can be considered by investors who do not have a long-term time horizon, says V. K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
"Investors should remain invested in the market. Long-term investors can continue with their systematic investments. High quality financials are even now trading at fair valuations," he added.