Equity indices hit fresh all-time highs on foreign fund inflows and global market momentum

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Benchmark stock indices rose to new all-time closing levels on Friday, propelled by foreign money inflows and a strong trend in global markets.

Traders said heavy buying in index-heavy Infosys and twin HDFC, Reliance Industries and TCS boosted sentiment.

The 30-share BSE Sensex Index rose for the third day in a row, jumping 803.14 points, or 1.26 percent, to settle at a lifetime high of 64,718.56. During the day, it jumped 853.16 points, or 1.33 percent, to reach its record intraday peak of 64,768.58 points.

The NSE Nifty Index rose by 216.95 points, or 1.14 percent, to end at a record high of 19,189.05 points. On the day, it rose 229.6 points, or 1.21 percent, to reach an all-time high for the day at 19,201.70.

Mahindra & Mahindra was the best performer in the Sensex package, up 4 percent, followed by IndusInd Bank, Infosys, Tata Consultancy Services, Maruti, Larsen & Toubro, Tech Mahindra, Wipro, Power Grid, HDFC BankHDFC, Bajaj Finance and Reliance Industries.

On the other hand, ICICI Bank and NTPC were lagging behind.

In Asian markets, Seoul and Shanghai finished higher while Tokyo and Hong Kong settled lower.

Stock markets in Europe were trading with gains.

US markets ended largely with a gain in overnight trade on Thursday.

“Lack of global support restrained Indian indices from following their earlier record highs, despite a resilient domestic macroeconomic backdrop.

“With the positive surprises aiding the recovery in the global market and the progression of the southwest monsoon, the domestic market has successfully marched to new highs with renewed vigor. Global investor sentiment has been boosted by the positive revision in Q1 GDP, lower unemployment claims,” he said. Vinod Nair, Head of Research at Geojit Financial Services, and the positive result of the US Fed’s stress test.

Brent crude, the global benchmark for oil, rose 0.61 percent to $74.79 a barrel.

Foreign Institutional Investors (FIIs) bought shares worth Rs 12,350 crore on Wednesday, according to exchange data.

The Bahrain Stock Exchange index rose 499.39 points, or 0.79 percent, to settle at a lifetime closing high of 63,915.42 on Wednesday. The Nifty index rose by 154.70 points, or 0.82 percent, to close at a record high of 18,972.10 points.

The markets were closed on Thursday for Eid al-Adha, also known as Bakrid.