Indian benchmark indices extended rally for the second straight session on Friday, with the 50-share index Nifty hitting a fresh record high on firm global cues. In a similar trend, the 30-share BSE Sensex was also on firm footing and was trading some 34 points shy of its all-time high of 41,809.96 touched on December 20, 2019.
The domestic market rally was in line with bullish Asian equities which were trading higher over the announcement of US and China signing the phase-one deal by the next week. Further, ease in US-Iran tensions also helped improved investor sentiments.
During days' trade so far, Nifty has crossed its previous all-time high of 12,293.90 and recorded a fresh lifetime high of 12,311, 96 points higher than its previous close. The BSE S&P Sensex rose as much 41,775.11, up 322 points.
Kotak Bank, HCL Tech, Bharti Airtel, Infosys, Tech Mahindra, L&T, Hero MotoCorp and HDFC Bank were among the top gainers on Friday. On the other hand, PowerGrid, Asian Paints, ICICI Bank, IndusInd Bank, SBI and Nestle India were among the top losers today.
The investors will also keep an eye on corporate earnings as Infosys will kick-off December quarterly earnings season today and the pundits expect a muted report card. Infosys shares were trading nearly 2 per cent higher ahead of its third quarter numbers which will be released after market hours today.
Riding high on reports of the US-China trade deal with China, metal stocks were trading higher and were among the top gainers on Friday's trading session. On NSE, Hindustan Zinc grew over 4.2%, Coal India rose 4%, followed by SAIL and Vedanta shares that traded 2.5% higher. Shares of Tata Steel and Welspun Corp shares were rising nearly 2%.
By Rupa Burman Roy
Copyright©2022 Living Media India Limited. For reprint rights: Syndications Today