The market opened higher. Equity benchmark Sensex jumped over 250 points to cross the 55,000-mark in early trade on Friday, led by gains in index heavyweights HDFC twins, ICICI Bank and TCS. The 30-share index was trading 258.4 points or 0.47 per cent higher at a lifetime intra-day peak of 55,102.42, while the broader NSE Nifty advanced 69.80 points or 0.43 per cent to record 16,434.20 in initial deals.
The BankNifty was up 165.80 points or 0.46 percent at 36,102.85 on August 13.
M&M was the top gainer in the Sensex pack, rising over 1 per cent, followed by L&T, HDFC, ITC, Axis Bank and HDFC Bank.
On the other hand, Tech Mahindra, Dr Reddy’s, Sun Pharma, PowerGrid and Tata Steel were among the laggards.
In the previous session, Sensex climbed 318.05 points or 0.58 per cent to close at 54,843.98, and Nifty advanced 82.15 points or 0.26 per cent to 16,325.15.
Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 212.11 crore on Thursday, as per provisional exchange data.
"Bulls are showing no signs of fatigue as Nifty raced to another record... Global support to the rally is intact with the Dow and S&P setting yet another record high,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, PTI reported.
Retail investors relentlessly chasing stocks and the sheer momentum in the market has taken the Nifty to 16,500 levels, he said, adding that the rally is likely to be led by the leading high-quality private banks and leading IT names.
Asian markets fall in early trade
Asian markets were trading in red in the early Friday trade with HongKong and Taiwan indices both down -1 percent.
Most Asian equity markets continued to ignore record highs hit elsewhere in the world and fell in early trading on Friday. Traders have been pointing to continued worries about the potential for new regulatory crackdowns in China and the fallout from the surging Delta variant of the new coronavirus in several countries in the region.
Dow closes at record high for third straight day
The US stock indexes edged higher Thursday, nudging both the Dow Jones Industrial Average and S&P 500 up to fresh closing records for a third straight day, as investors weigh economic data with an eye toward what it means for the Federal Reserve’s plans to eventually taper its asset purchases. Thursday marked the first time since March 15, 2021 that both the Dow and S&P 500 have closed at a new record for three consecutive days.
Mega-cap technology stocks driving the market higher as investors warmed to jobs data showing a steady US economic recovery. The Dow Jones Industrial Average rose 14.88 points or 0.04 percent to 35,499.85, the S&P 500 gained 13.13 points or 0.30 percent to 4,460.83 and the Nasdaq Composite added 51.13 points or 0.35 percent to 14,816.26 points.
First-time claims for jobless benefit benefits came in at 375,000 last week, matching estimates and near a pandemic low. The producer-price index was up 7.8 percent year over year in July versus 7.3 percent in June, while the core PPI reading, which excludes food and energy, accelerated to 6.1 percent from 5.5 percent.
July data likely marks the peak for PPI as supply pressures gradually unwind in the coming months and demand moderates from its blistering pace in the first half of the year.
Global markets
Peru's central bank on Thursday raised its benchmark interest rate to 0.5 percent from 0.25 percent, its first hike since the pandemic forced a steep drop in rates, as the Andean nation faces rising inflation like many of its regional peers. The Bank of Mexico on Thursday raised its key interest rate by 25 basis points to 4.5 percent in a bid to contain price pressures, and more increases are expected this year even though two of its five-member board voted to leave borrowing costs unchanged.
China released a five-year blueprint calling for greater regulation of vast parts of the economy, providing a sweeping framework for the broader crackdown on key industries that has left investors reeling. In real estate, China is suspending private equity funds from raising money to invest in residential property development. Separately, a partial shutdown of a major Chinese port due to a virus outbreak stoked concerns about a repeat of last year’s pandemic shipping woes.
Dollar firm
The dollar held firm on Friday, staying near its highest level in four months against a basket of currencies as investors looked for more hints from the Federal Reserve on its plans to reduce monetary stimulus.
Oil prices decline
Oil prices fell for a second day on Friday after the IEA warned that demand growth for crude and its products had slowed sharply as surging cases of COVID-19 worldwide has forced governments to revive restrictions on movements. International oil benchmark Brent crude fell 0.59 per cent to $70.89 per barrel.
Company results today
The following companies will release their results today: Godrej Industries, Grasim Industries, NBCC (India), NHPC, Oil and Natural Gas Corporation, Hindustan Aeronautics, Indraprastha Gas, Inox Wind, Burger King India, Sun TV Network, Allcargo Logistics, Archies, D B Corp, Gayatri Projects, Glenmark Pharmaceuticals, Gujarat Mineral Development Corporation, GMR Infrastructure, Godfrey Phillips India, Indian Railway Finance Corporation, IL&FS Investment Managers, Inox Wind Energy, Jammu & Kashmir Bank, Jagran Prakashan, Madhucon Projects, Maharashtra Seamless, Mawana Sugars, Orbit Exports, Orchid Pharma, Petronet LNG, SEAMEC, Sintex Industries, Suven Pharmaceuticals, Suzlon Energy, Tide Water Oil (INDIA), Ucal Fuel Systems, Uttam Galva Steels, Visa Steel, Vivimed Labs and ZEE Learn.
