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New Delhi:
Indian shares hit record highs just after the open on Friday, tracking gains in regional peers after U.S. economic data eased growth concerns, while investors await domestic quarterly growth data.
The NSE Nifty 50 index rose to 25,257 in early trade, while the S&P BSE Sensex climbed to 82,637, with both benchmarks hitting all-time highs.
The Nifty has risen for the previous 11 consecutive sessions, marking its longest winning streak in about 17 years, supported by expectations of a U.S. rate cut in September and healthy domestic inflows.
Domestic institutional investors (DII) have purchased shares worth $6.14 billion, on a net basis, so far in August, about twice the net foreign portfolio investors (FPI) outflows.
Asian markets rose, with the MSCI’s broadest index of Asia-Pacific shares outside Japan up 0.7%. Most Wall Street equities rose overnight, with the Dow Jones Industrial Average at a record closing high, on robust U.S. economic data. [MKTS/GLOB]
Market participants now await U.S. core personal consumption expenditures data, the Fed’s preferred gauge of inflation, on Friday to confirm bets of the September rate cut. [.N]
Investors also await India’s April-June growth data, due after market hours. A Reuters poll showed growth likely slowed to 6.9% year-on-year in the quarter due to reduced government spending because of national elections.
Eleven of the 13 major sectors logged gains. The broader, more domestically focussed small- and mid-caps rose about 0.5% each.
Among individual stocks, SpiceJet fell about 4% after India’s aviation watchdog placed the budget airline under enhanced surveillance after a recent audit revealed “certain deficiencies”.
Sugar stocks like Balrampur Chini Mills, Shree Renuka, Bajaj Hindusthan and Dwarikesh Sugar rose between 3% and 10% after the government said sugar mills could use cane juice or syrup to produce ethanol from November.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
