Equity benchmark indices extended their rally for the fourth consecutive session on Friday, buoyed by strong gains in blue-chip stocks like ICICI Bank and Reliance Industries, along with fresh foreign fund inflows. Improved global sentiment, a firm rupee, and declining crude oil prices added to the upbeat mood.
The BSE Sensex climbed 303.03 points or 0.36% to close at 84,058.90, breaching the 84,000 mark once again. During intraday trade, the index surged as much as 333.48 points to hit 84,089.35. Similarly, the NSE Nifty advanced 88.80 points or 0.35% to settle at 25,637.80.
Key gainers from the Sensex pack included Asian Paints, UltraTech Cement, Power Grid, ICICI Bank, Reliance Industries, Hindustan Unilever, Bharat Electronics, and Sun Pharma. On the other hand, Trent, Eternal, Axis Bank, and Titan witnessed profit booking and ended in the red.
Foreign Institutional Investors (FIIs) turned net buyers, purchasing equities worth ?12,594.38 crore on Thursday, exchange data showed. Analysts attributed the positive momentum to easing geopolitical tensions and expectations of trade normalization.
“Ceasefire hopes in the Middle East and optimism over trade talks have significantly boosted investor confidence. FIIs reversing their selling trend signals renewed trust in India’s growth story,” said Vinod Nair, Head of Research at Geojit Financial Services.
Global cues remained mixed. While Japan’s Nikkei closed higher, other Asian indices such as South Korea’s Kospi, Shanghai Composite, and Hong Kong’s Hang Seng ended in the red. European markets traded in the green during afternoon hours, and Wall Street closed on a positive note Thursday.
Meanwhile, the RBI’s June Bulletin emphasized the need for banks to lower lending rates to ensure faster transmission of recent policy rate cuts. Brent crude was trading at $68.20 per barrel, up 0.72%.
OpinionExpress.In
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