FIRST TRADE: Sensex, Nifty, Nifty Bank open at record highs; AMC stocks on a high
Stock market today: The S&P BSE Sensex traded at 64,295.36, up 380 points, or 0.59 per cent while the NSE's Nifty was trading at 19,067.10, up 95 points, or 0.5 per cent from the previous session close.
Stock market today: The bulls continued to be in the driver's seat on Dalal Street on Friday as the benchmark indices, the S&P BSE Sensex and the NSE's Nifty50, opened at record high levels. The Nifty Bank, too, scaled a fresh peak in the opening deals.
At the time of writing this news, the S&P BSE Sensex traded at 64,295.36, up 380 points, or 0.59 per cent while the NSE's Nifty was trading at 19,067.10, up 95 points, or 0.5 per cent from the previous session close. Nifty Bank hit a peak of 44,666 levels in the opening trade.
Commenting on the current market, Deepak Jasani, Head of Retail Research at HDFC Securities, said, "The current upward momentum could continue and the 19,000-19,200 bands could be the next resistance for Nifty in the near term. 18,646 could be the support for corrections."
"The markets opened in green with healthy momentum continuing on the back of strong institutional inflows, positive global cues, and optimism in domestic economic growth. Foreign fund inflows continue to aid domestic sentiments which was further boosted by comment from RBI on the Indian economy making a solid recovery and is among the fastest-growing large economies despite heightened uncertainties and formidable headwinds. On the sectoral front, almost all the sectors were trading in green except FMCG and metals which were marginally in red," said Narendra Solanki, Head Fundamental Research - Investment Services, Anand Rathi Shares and Stock Brokers.
BUZZING STOCKS
Asset management companies' shares rallied in trade after the capital market regulator SEBI deferred its decision to rationalise the total expense ratio (TER), or the expenses that mutual fund (MF) schemes can charge their investors. HDFC Asset Management Company was trading over 8 per cent higher at Rs 2,225 on the BSE. Nippon Life India Asset Management jumped 18 per cent in the trade. TD Power shares gained after 3.72 crore shares changed hands in multiple block deals. TCS, too, rose after the Tata Group Chairman said the company has sacked six employees and banned six staffing firms in the wake of the recruitment scam which shook the tech industry.
BROADER MARKET
In the broader market, Nifty Midcap 100 opened 0.3 per cent higher at 35,644.75 and Smallcap 100 opened 0.2 per cent higher at 10,817.95.
SECTORAL WATCH
Nifty Bank opened at a record high of 44,666. Expect for Nifty Metals all indices traded in green.
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