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Benchmark stock indices on the BSE and National Stock Exchange opened more than 0.5 percent higher, reaching record highs during early trading on Friday.
Earlier in the day, the S&P BSE Sensex rose 326.17 points (0.62 percent) to hit its intraday high of 52,626.64, while the Nifty 50 climbed 97.80 points (0.62 percent) to hit an intraday high of 52,626.64. new record of 15,835.55. At 10:03 AM, the BSE benchmark was up 52,570.84, up 270.37 points (0.52 percent), while the NSE barometer rose 83.95 points (0.53 percent) to 15,821.70.
Early trading gains were led by Reliance Industries (RIL), Housing Development Finance Corporation (HDFC), HDFC Bank, Infosys and Power Grid Corporation of India.
On Thursday, Sensex finished at 358.83 points (0.69 percent) higher at 52,300.47 and the broader Nifty was up 102.40 points (0.65 percent) to finish at 15,737.75.
Among sector indices on NSE, the Nifty Metal index rose nearly 1.5 percent, led by shares of Coal India, Steel Authority of India and MOIL. The Nifty IT index rose more than 0.75 percent, helped by Oracle Financial Services Software and MphasiS. The Nifty Auto index also rose nearly 0.75 percent, driven by Ashok Leyland and Tata Motors.
In the broader market, the S&P BSE MidCap Index was 23,005.66, up 110.60 points (0.48 percent) at 10:08 a.m., while the S&P BSE SmallCap was at 25,192.15, up 176. 26 points (0.70 percent). The Volatility Index, or India VIX, fell 3.71 percent to 14.4450.
Global Market
US bond yields fell to a three-month low and a broad range of Asian stocks rose Friday after investors saw enough one-off factors in US consumer price data to bolster the Federal Reserve’s belief that rising inflation will be temporary.
Some economists say the rise in CPI reflects near-term adjustments associated with a reopening of the economy, and many investors seem confident that the Fed is deftly tackling a rebound in economic growth — even if questions remain about how it defines “transient”.
Overnight data showed that the US consumer price index posted its biggest year-over-year rise of 5 percent since August 2008, after rising 4.2 percent in April.
During morning trading in Asia, the broadest MSCI index of Asia-Pacific stocks outside of Japan rose 0.18 percent. Japan’s Nikkei gave up early gains to fall 0.11 percent. Kospi in Seoul rose 0.32 percent, Australian stocks rose 0.14 percent and the Hang Seng index in Hong Kong gained 0.53 percent. Chinese blue chip stocks fell more than 1 percent as consumer goods companies pulled out after two days of gains.
–input from Reuters global market
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