Nifty, Sensex Surge To Record Highs; Media, PSU Banks Drive Gains
Nifty Bank, Financial services, FMCG, IT, Media, Metal, Pharma, Realty, Healthcare, Oil and gas, and consumer durables start in the green territory
The benchmark equity indices saw a fresh new high start to Friday's trading session. The BSE Sensex climbed 214.40 points, or 0.27 per cent, to 79,457.58 in the opening trade, while the NSE Nifty 50 opened up 41.40 points, or 0.17 per cent, at 24,085.90.
The wider indices began trading in a mixed bag. The Bank Nifty index opened at 52,874, up barely 63.65 points, or 0.12 per cent, from its opening position.
"Indian benchmark indices, Sensex and Nifty 50, are poised to open higher on Friday driven by positive global market cues. The Gift Nifty is indicating an initial premium, trading at approximately 24,200, up by about 105 points from the previous close of Nifty futures," said Varun Aggarwal, MD, Profit Idea.
Among the sectoral indices on NSE, Nifty Bank, Financial services, FMCG, IT, Media, Metal, Pharma, Realty, Healthcare, Oil and gas, and consumer durables started in the green territory.
According to provisional data available on the NSE, on June 27, 2024, domestic institutional investors (DII) sold shares worth Rs 3.605.93 crore, while foreign institutional investors (FII) purchased shares worth Rs 7,658.77 crore.
Notably, Nifty 50 displayed a bullish pattern with four consecutive sessions of long bull candles, including a 'three advancing soldiers' pattern earlier in the week, indicating robust upward momentum.
"The market sentiment remains positive, bolstered by the impending inclusion of India in the J.P. Morgan GBI-EM Global Series of indices starting June 28. This move is expected to attract substantial foreign inflows estimated between USD 25 to 30 billion over the next ten months, gradually increasing India's weightage in the index," Aggarwal added.
In the US, market indices closed mixed on Thursday amid cautious trading ahead of fresh inflation data. The Nasdaq Composite gained 0.30 per cent, closing at 17,858.68, while the S&P 500 and Dow Jones Industrial Average posted modest gains of 0.09 per cent each, closing at 5,482.87 and 39,164.06, respectively.
Overall, the Indian markets are positioned optimistically for the near term, contingent upon sustained global economic conditions and investor sentiment. (ANI)
