The bull rally on Dalal Street has seen the benchmark index rising 10,000 points after hitting the 50,000 mark in intra-day trade on January 21, 2021.
Earlier in the intraday trade, the S&P BSE Sensex surged past the 60,000 mark for the first time ever to hit a new lifetime high of 60,333, while the Nifty 50 scaled the 17,900-mark to a fresh record high of 17,947.65 led by gains Infosys, HDFC Bank, Tata Consultancy Services,
ICICI Bank, HCL Technologies and Larsen & Toubro.
Market quote from Mr. Sandeep Bharadwaj, CEO, Retail, IIFL Securities, “Expectations of solid economic recovery and sustained growth in the next couple of years is keeping the bulls enthused. Also from global funds perspective, India remains an attractive destination, especially in the China+1 scenario. Having said that retail investors must have a diversified portfolio at this stage to face any kind of volatility.”
Here are the below key factors which have driven the stock market today.
BSE market cap crosses Rs263 lakh cr
A new breathtaking history has been set by Indian markets on Friday especially the Bombay Stock Exchange (BSE) with its benchmark Sensex crossing over 60,330 for the first time.
BSE even clocked a market valuation of a thrilling more than Rs263 lakh cr in the early deals before correcting. Notably, in a matter of a week, BSE has witnessed over an Rs7.5 lakh cr rise in its valuation. On September 20, the exchange's market cap was above Rs255.47 lakh cr. At the current market price, BSE's market valuation is above Rs262.57 lakh cr.
The Dow Jones Industrial Average on Thursday jumped by 506.5 points, or 1.48% to 34,764.82, the S&P 500 increased by 53.34 points, or 1.21% to 4,448.98, and the Nasdaq Composite increased by 155.40 points or 1.04% to 15,052.24.
Asian shares were on edge on Friday, weighed down by ongoing uncertainty about the fate of debt-ridden China Evergrande.
Meanwhile, the Bank of England on Thursday reportedly maintained its stimulus amount and record-low interest rate, even as it warned that UK annual inflation would top four per cent this year. The BoE s nine-strong monetary policy committee (MPC) voted unanimously to hold its key borrowing cost at 0.1%, a statement said.
Nifty IT clocks new lifetime high
Nifty IT stocks were the top picks of a record level Friday's market session which has risen more than 1,000 points so far today. The index has clocked a new historic high of 37,823.15. The performance in domestic IT stocks comes after strong revenue guidance announced by Accenture for the financial year FY22.
Mindtree and Infosys zoomed by 1.7% and 1.6%. While Wipro advanced by over 1%. Oracle Financial gained 0.8%, while Coforge was up 0.5% and TCS jumped 0.3%. Tech Mahindra was marginally higher.
Sansera Engineering debuts at 9% premium over issue price
Shares of Sansera Engineering got listed at a 9% premium above their issue price. The scrip got listed at Rs811.50 apiece on the NSE with a gain of 9.07% from its offer price of Rs744, while on the BSE, it opened at Rs811.35, up 9.05% from the issue price.
Covid & Vaccination updates
According to the data from the Ministry of Health and Family Welfare, the Government of India, India reported 301,640 active cases of COVID-19 infection and 446,050 deaths. A total of 84,09,03,125 COVID-19 vaccine doses have been administered in the country so far, with over 72.01 lakh doses being given on Thursday, according to the Co-WIN dashboard.
Governor Das address at the 48th National Management Convention of the All India Management Association
The Reserve Bank of India (RBI) Governor Shaktikanta Das said that there are signs that the world is emerging from the shadow of coronavirus. While delivering the keynote address at the 48th National Management Convention of the All India Management Association, Das said the time is right to plan for an economy that is stronger, more inclusive and sustainable.
Stating that the pandemic has provided a new impetus to technology-driven companies such as fintech, edtech and health tech, RBI Governor Shaktikanta Das said the forces of creative destruction are expected to boost productivity by encouraging greater competition, dynamism and innovation in several sectors of the economy.
Gainers & Losers at this hour
Top gainers on the NSE – Asian Paints, HCL Tech, Grasim, Bharti Airtel and Wipro.
Losers on the NSE – JSW Steel, Tata Steel, ITC, Hindalco and SBI.