Sensex and Nifty reach new record highs on banking and financial sector boost

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The Sensex and Nifty stock benchmarks closed at lifetime highs on Friday following gains in banking, financial and capital goods stocks amid a strong trend in the global market.

Traders said a stronger rupee and foreign capital inflows boosted sentiment.

The 30-share BSE index rose 466.95 points, or 0.74 percent, to settle at a record closing level of 63,384.58 points. During the day, it rose 602.73 points, or 0.95 percent, to 63,520.36 points.

The NSE Nifty Index rose by 137.90 points, or 0.74 percent, to end at its lifetime peak of 18,826 points.

Buying into the major indices of Reliance Industries and HDFC also helped the markets rebound.

Bajaj Finserv was the biggest gainer in the Sensex package, rising 2.21 percent, followed by Titan, ITC, Kotak Mahindra Bank, HDFC Bank, HDFC, Bajaj Finance, IndusInd Bank, ICICI Bank, HUL, Reliance Industries, Mahindra & Mahindra.

Wipro, Tata Consulting Services, Power Grid and Tech Mahindra were all left behind.

In the Asian markets, Seoul, Tokyo, Shanghai and Hong Kong closed in the green.

Stock markets in Europe were trading with gains. US markets ended significantly higher on Thursday.

“The local market rebounded with strong buying in banking, pharmaceutical and consumer stocks, along with positive signals from global markets. The optimism of the US market was boosted by better-than-expected retail sales, reflecting the strength of the economy.

said Vinod Nair, Head of Research at Geojit Financial Services.

Brent crude, the global benchmark for oil, fell 0.62 percent to $75.20 a barrel.

Foreign Institutional Investors (FIIs) bought shares worth Rs 3,085.51 crore on Thursday, according to exchange data.

The BSE benchmark index fell 310.88 points, or 0.49 percent, to settle at 62,917.63 on Thursday. The Nifty Index fell by 67.80 points, or 0.36 percent, to close at 18,688.10.