Sensex and Nifty hits at record high on Friday

On Friday, all the sectoral indices are trading in the green. Along with these the energy and metal indices are putting in 1 per cent each. The major gainers on the Nifty are Coal India, Power Grid Corp, Reliance Industries, JSW Steel, and ONGC among others. Bajaj Finserv, Wipro, HDFC Life, Adani Ports and SBI were the looser on the Nifty.

On Thursday, the country’s share concluded their two day losing steak to close higher on June 10, pushing the Nifty50 above the psychological important 15,700 mark. The Nifty50 concluded obtaining 102 points at 15,737, while the S&P BSE Sensex increased to 358 points to 52,300. The BSE midcap index gained 1.2 per cent and the small cap 1.7 per cent . In sectors, rally was witnessed in realty, healthcare, finance, banks, and telecom space. The auto sector witnessed mid profit booking.

Wall Street stocks ended higher on Thursday with S&P 500. As economic data seemed to support The Federal Reserve assertion that the current wave of heightened inflation will be temporary.

The Dow Jones Industrial Average increased 19.1 points to 34,466.24, the S&P gained 19.63 points and the Nasdaq Composite obtained 108.58 points at 14,020.33.

On Asian Markets, the U.S bond yields dropped to three months lows and a broad gauge of Asian share got increased. As the Investors witnessed enough one-off factors in U.S. consumer price data to back the Federal Reserve’s conviction that upward inflation will be transitory.

The Hang Seng index gained 0.53 per cent in the early trade. The Taiwan index added 0.63 per cent. The Sanghai Composite index fell 0.47 per cent.

The Oil prices dropped on Friday but were set for third weekly high on assumption for a recovery in fuel demand in Europe, China and United states.

The US employment fell to 376,000 claiming sixth weekly drop. The Labor Department reported jobless claims fell by 9000 to 376,000 from 385,000 the previous week.

Foreign institutional investors net bought shares of Rs 1329.7 crore. The Domestic institutional investor sold shares of Rs 575.19 crore as per provisional data available on the NSE.

The price of diesel and petrol increased again after being constant for a day. It increased by 28 to 30 paisa on June 11th.

At 9;02 IST, the Sensex was up 222.67 points at 52523.14 and the nifty was up 58.20 points at 15796.00.

Stocks that were in focus include Indiabulls Housing Finance which moved 9 percent to strike a fresh 52 week high, IRB Infrastructure increased more than 8 per cent.

Benchmark indices registered a fresh record high on Friday with Nifty above 15800. The Sensex was 228.01 points at 52528.48 and the Nifty was up to 73.20. About 1667 share advanced while 294 share declined, 47 shares remain unchanged.

ICRA had earlier estimated the GDP to grow 10-11 per cent later on Friday revised it down to 10-10.5 percent.

At 10; 00 IST , Sensex is up 265.02 at 52565.49 and Nifty up 77.60 points at 15185.40. 1869 shares advanced, 729 shares declined and 102 shares remain unchanged.

Indian Rupees opened at 72.94 per dollar on Friday. On Thursday it concluded by lower 9 paisa at 73.06 per dollar.

Siddhartha Khemkha, Head – Retail Research, Motilal Oswal Financial Services :

The domestic markets further directions would depend on the monsoon, opening up of the economy in a phased manner and the pace of vaccination moving further. As the states ease restrictions, in June 21, we expect the demand environment to get better which can have a positive impacts on markets. Technically too, Nifty remain in a positive set up and can see a move towards highs of 16000 zones.

On global front, US CPI data could decide the market direction as any sign of stimulus tapering by Fed could affect the liquidity in the market.

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