Mumbai: Indian equity indices traded higher after opening at a fresh record high on Friday, following positive cues from Asian peers, demonstrating a remarkable performance and testament to the strength of the Indian equity market.
At 9:37 a.m., Sensex was up 221 points or 0.27 per cent at 82,355, and Nifty was up 66 points or 0.26 per cent at 25,217.
At the start of the trading session, Sensex and Nifty soared to unprecedented heights, setting new all-time records of 82,637 and 25,249, respectively.
The market is currently experiencing a positive trend, with 1,276 shares on the National Stock Exchange (NSE) showing gains, compared to 888 in the red. This should instill confidence in investors about the stability of the market.
Almost all indices are trading in the green. PSU Bank, fin service, FMCGm Pharma, energy, and Pvt Bank are major gainers.
In the Sensex pack, Bajaj Finance, Bajaj Finserv, HDFC Bank, NTPC, Power Grid, L&T, Titan, M&M, Asian Paints and Reliance are the top gainers. Tata Motors, Tech Mahindra, Wipro, TCS, Sun Pharma and HCL Tech are the top losers.
It’s not just the large caps that are performing well. There’s a bullish trend in mid-caps and small-caps too. The Nifty Midcap 100 index is at 59,139, up 255 points or 0.45 percent, and the Nifty Smallcap 100 index is at 19,292, up 79 points or 0.41 percent. This diversity in performance is a positive sign for the market’s future.
According to market experts: “This near-term trend in the market is likely to continue. A breakout from the present can happen if the banking stocks witness big buying. However, the struggle for deposits experienced by the banking system and the consequent feared pressure on margins keep the demand for banking stocks depressed despite attractive valuations. Largecaps are outperforming the broader market now. This is a healthy trend.”
Almost all Asian markets are bullish. Tokyo, Seoul, Jakarta, and Bangkok are trading with gains of about half a percent. US markets closed mixed on Thursday.
Foreign institutional investors (FIIs) bought equities worth Rs 3,259 crore on August 29, while domestic institutional investors extended their buying by buying equities worth Rs 2690 crore on the same day.
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—IANS
