Friday rally: Fresh records for Sensex, Nifty & Bank Nifty as investors get richer by Rs 6 lakh cr

Sensex, Nifty rally today: Benchmark Sensex ended above the historic 84,000-mark for first time on Friday led by a rally in auto, banking and capital goods stocks. Nifty also closed at a fresh record high on Friday amid upbeat sentiment in the US and Asian markets. Sensex jumped 1,359.51 points or 1.63 per cent to close at an all-time high of 84,544.31. During the day, the 30 stock index soared 1,509.66 points or 1.81 per cent to an all-time high of 84,694.46. Nifty rose 375.15 points or 1.48 per cent to close at 25,790.95.  It climbed 433.45 points intra day to reach an all-time peak of 25,849.25.

Market cap of BSE-listed firms rose by Rs 6.24 lakh crore to a record peak of Rs 471.71 lakh crore in today’s session against Rs 465.47 lakh crore on Thursday. 

Of 30 Sensex stocks, 26 ended in the green. M&M, ICICI Bank, JSW Steel, L&T and Bharti Airtel were the top gainers on Sensex, rising up to 5.57%. 

Bank Nifty hit its all-time high of 54,066 and ended at a record peak of 53,793.

Here’s a look at what analysts said on the record breaking run of Sensex and Nifty today.

Vinod Nair, Head of Research, Geojit Financial Services said, "The Indian market has joined the rally following the 50bps Fed rate cut and super accommodative monetary policy. It is expected to bring positivity to the economy and foreign inflows in the short to medium-term as the global economy continues to be robust. Traction is on rate sensitive sectors like Auto & Finance. Conventional sectors like FMCG are also performing well in anticipation of good results led by the dual benefit of demand and reduction in input cost."

Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas said, “Nifty opened on a positive note and witnessed a volatile trading session. Intraday volatility was very high. However, the Nifty managed to hold on to crucial support levels and closed the day in the green. On the daily charts, we can observe that the Nifty is moving towards the upper end of the rising channel placed at 26000 which is also our short-term target. Support is placed in the zone of 25500 – 25450. Bank Nifty has closed above the previous all-time high of 53,350 and is now heading toward 55000 in the short term. Intermediate pullbacks or intraday dips should be used as a buying opportunity. The support zone is placed at 52,800 – 52,700.”

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities said, After showing a range bound action with volatility in the last five sessions, Nifty witnessed an excellent upmove on Friday. Nifty opened on a positive note and showed sustainable upside in the early to mid-part of the session. A sharp knee jerk action of afternoon was followed by a sustainable upside bounce and reach new all-time highs at 25849 levels. A long bull candle was formed on the daily chart, which indicates a decisive upside breakout in the market of the last 4-5 sessions range movement. The Nifty has broken above the range as well as the trend line resistance around 25500 levels. Nifty, on the weekly chart, formed a reasonable bull candle that has surpassed the congestion area of the last three weeks around 25300-25500 levels and closed higher.

“The short term trend of Nifty is sharply positive. Having surged in one session on Friday, there is a possibility of consolidation/breather pattern in the short term, before moving up further. Next upside targets as per Fibonacci extension to be watched around 26250. Immediate support is at 25650,” added Shetti.

Ajit Mishra – SVP, Research, Religare Broking  said, Markets edged higher amid volatility, gaining nearly one and a half percent, largely tracking global trends. The market continues to closely follow global cues, especially from the US, whose recent strength enabled Nifty to break through the 25,550 resistance level. Attention is now focused on the next milestone of 26,000. Sector-wise, we maintain our preference for banking, financials, auto, and realty, while advising a selective approach in other sectors. Additionally, the emphasis should remain on index heavyweights and large midcaps for long positions.”

As many as 265 stocks hit their 52-week highs today. On the other hand, 45 shares fell to their their 52-week lows on BSE.

Market breadth was positive as out of 4,059 stocks traded, 2442 stocks ended in the green. Around 1502 stocks closed in the red and 115 stocks remained unchanged.

BSE midcap and smallcap indices rallied 563 pts to 49,163 and 769 pts to 57,081, respectively. 

All 19 BSE indices ended in the green. BSE capital goods index was the top gainer rising 1661 pts to 73,373.  Rate sensitive indices such as BSE auto and bankex rose 1241 pts and 865 pts, respectively.

Around 14 stocks hit their upper circuits as the stock market rallied on Friday. On the other hand,  4 shares hit their lower circuit limits.

Foreign institutional investors sold Rs 2,547.53 crore worth of equities on a net basis on Thursday, while domestic investors bought Rs 2,012.86 crore of shares, as per provisional NSE data.

Previous session 

Benchmark indices ended higher on Thursday. Sensex was up 236.57 points or 0.29 percent at 83,184.80 and Nifty gained 38.25 points or 0.15 percent at 25,415.80.