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Nifty Hits New Peak: Market Rebounds on Global Cues

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By Rediff Money Desk, MUMBAI   Feb 02, 2024 16:43

Indian stock markets surged on Friday, with the Nifty hitting a new all-time high, driven by a global rally and strong buying in key sectors like IT and energy. The Sensex gained over 440 points, while the Nifty rose by over 150 points.
Nifty Hits New Peak: Market Rebounds on Global Cues
Photograph: Utpal Sarkar / ANI Photo.
Mumbai, Feb 2 (PTI) Benchmark equity indices bounced back sharply on Friday, with the Nifty hitting its lifetime peak in intra-day trade, tracking a rally in global markets along with buying in Reliance Industries, Infosys and Tata Consultancy Services.

The 30-share BSE Sensex climbed 440.33 points or 0.61 per cent to settle at 72,085.63. During the day, it jumped 1,444.1 points or 2 per cent to 73,089.40.

The Nifty went up by 156.35 points or 0.72 per cent to 21,853.80. During the day, the benchmark soared 429.35 points or 1.97 per cent to reach its lifetime peak of 22,126.80.

Among the Sensex firms, Power Grid, NTPC, Tata Steel, Tata Consultancy Services, JSW Steel, Wipro, Infosys, Tech Mahindra, Reliance Industries and Bajaj Finance were the major gainers.

Axis Bank, HDFC Bank, Hindustan Unilever, Larsen & Toubro and ITC were among the laggards.

"A conservative interim budget had no slowdown effect on the market, which continued to grow on the pre-election rally. The drastic fall in the fiscal deficit target is leading to a reduction in bond yields, which will lead to lowering of corporate borrowing costs, increasing incentives to step up investment," said Vinod Nair, Head of Research, Geojit Financial Services.

In the broader market, the BSE midcap gauge jumped 0.80 per cent and smallcap index climbed 0.49 per cent.

Among the indices, oil & gas jumped 4.22 per cent, energy went up by 3.44 per cent, metal (2.95 per cent), services (2.22 per cent), utilities (2.18 per cent), IT (2.17 per cent) and power (1.81 per cent).

Financial Services, FMCG, telecommunication and bankex were the laggards.

On the weekly basis, the BSE benchmark jumped 1,384.96 points or 1.95 per cent, and the Nifty climbed 501.2 points or 2.34 per cent.

In Asian markets, Seoul and Tokyo settled in the positive territory while Shanghai and Hong Kong ended in the red.

European markets were trading in the green. The US markets ended with significant gains on Thursday.

The BSE benchmark declined 106.81 points or 0.15 per cent to settle at 71,645.30 on the Budget day on Thursday. The Nifty dipped 28.25 points or 0.13 per cent to 21,697.45.

Global oil benchmark Brent crude climbed 0.48 per cent to USD 79.08 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,879.58 crore on Thursday, according to exchange data.
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