Sensex, Nifty soars on Friday, after surge in Asian markets, taking cue from US economic data
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**Sensex and Nifty Reach Record Highs, Continuing Positive Trend**
The Sensex and Nifty hit record highs shortly after the market opened on Friday, tracking gains in Asian markets following easing growth concerns from US economic data. The Nifty has risen for 11 consecutive sessions, its longest winning streak in nearly 17 years, buoyed by expectations of a US rate cut and strong domestic inflows.
At 9:21 am IST, the NSE Nifty 50 index was up 0.33% at 25,235.9, while the S&P BSE Sensex increased by 0.33% to 82,396.22, with both indices reaching all-time highs. Domestic institutional investors (DIIs) have net purchased $6.14 billion worth of shares in August, twice the net outflows from foreign portfolio investors (FPIs).
Asian markets saw broad gains, with MSCI’s index of Asia-Pacific shares outside Japan rising by 0.7%. US equities also advanced overnight, with the Dow Jones Industrial Average closing at a record high, following positive US economic data. Investors are now focused on US core personal consumption expenditures data, the Federal Reserve’s preferred inflation gauge, and India’s April-June growth data, expected after market hours. A Reuters poll predicts a slowdown in growth to 6.9% year-on-year for the quarter due to reduced government spending linked to national elections.
Eleven of the 13 major sectors reported gains, with small and mid-caps rising about 0.5% each. Notably, SpiceJet fell about 4% after India’s aviation regulator placed the airline under enhanced surveillance following an audit. Conversely, sugar stocks like Balrampur Chini Mills and Shree Renuka saw gains between 3% and 10% after the government allowed the use of cane juice or syrup for ethanol production from November.
The benchmark indices started Friday’s trading session on a positive note, with the NSE Nifty 50 opening up by 97.75 points or 0.39% at 25,249.70 and the BSE Sensex climbing 502.42 points or 0.61% to 82,637.03. The Bank Nifty index also saw a rise of 284.70 points or 0.56%, reaching 51,437.45.
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