Indian Markets Surge To Record Highs Over Positive Global Sentiment

Indian equity markets opened to a strong start on Friday, setting fresh record highs, buoyed by positive cues from Asian markets.

By 9:37 AM, the Sensex had climbed 221 points, or 0.27%, to reach 82,355, while the Nifty gained 66 points, or 0.26%, standing at 25,217.

Earlier in the trading session, both indices marked new all-time highs, with the Sensex touching 82,637 and the Nifty hitting 25,249.

The upbeat market sentiment has kept the indices in positive territory, with a majority of sectors showing gains.

On the National Stock Exchange (NSE), 1,276 stocks were trading in the green, while 888 were in the red, indicating broad-based participation in the rally.

Key sectors such as PSU banks, financial services, FMCG, pharmaceuticals, energy, and private banks were among the top gainers, reflecting investor optimism across the board.

In the Sensex pack, leading the charge were Bajaj Finance, Bajaj Finserv, HDFC Bank, NTPC, Power Grid, L&T, Titan, M&M, Asian Paints, and Reliance Industries. Tata Motors, Tech Mahindra, Wipro, TCS, Sun Pharma, and HCL Tech experienced some losses, but the broader market strength outweighed them.

The bullish momentum extended beyond large-cap stocks, with midcaps and smallcaps also riding the wave of positivity.

The Nifty Midcap 100 index rose by 255 points, or 0.45%, to reach 59,139, while the Nifty Smallcap 100 index gained 79 points, or 0.41%, to stand at 19,292.

Banking Stocks Hold Markets Potential Over Growth Concerns

Market analysts believe the current trend is likely to continue in the near term, with potential for further gains if banking stocks see strong buying interest.

However, concerns about deposit growth and margin pressures in the banking sector are tempering the demand for these stocks despite their attractive valuations.

Nevertheless, the outperformance of large-cap stocks is seen as a positive sign for the market’s overall health.

Across Asia, markets were largely in the green, with indices in Tokyo, Seoul, Jakarta, and Bangkok all posting gains of around half a percent.

Meanwhile, US markets had a mixed close on Thursday.

Foreign institutional investors (FIIs) continued their buying spree, purchasing equities worth Rs 3,259 crore on 29 August.

Domestic institutional investors (DIIs) also remained active, buying equities worth Rs 2,690 crore on the same day, further fueling the market’s upward trajectory.