Macro data helps Sensex oom past 55,000 mark
E Nifty breached 16,500 level, sing at a fresh k of 16,529.10
The BSE Sensex ted above the 55,000-mark he first time on Friday as stors remained in risk-on e amid favourable macroemic data and growth optim. Index heavyweights TCS, Infosys and HDFC twins robust buying, while ma stocks slipped. Rallyor the second straight ses, the 30-share Sensex ped 593.31 points or 1.08% ts new all-time high of 37.29. It touched an intrarecord of 55,487.79. milarly, the broader NSE breached the 16,500 level, ncing 164.70 points or to its fresh closing peak of 29.10. It surged to a record ,543.60 during the day. CS was the top performer ng the Sensex components, ting 3.22%, followed by , Bharti Airtel, HCL Tech, Steel, Bajaj Auto, Reliance stries and HDFC Bank. n the other hand, Power, Indusind Bank, Dr dy’s, Indusind Bank, Bajaj nce, NTPC and Tech
Mahindra were among the laggards, skidding up to 1.28%. During the week, the Sensex rallied 1,159.57 points or 2.13%, while the Nifty soared 290.90 points or 1.79%.
“Sustained rebound in IT followed by recovery in financials and consumers aided benchmark indices to defy weak cues from Asian markets and scale fresh records,” said Binod Modi, head—strategy at Reliance Securities.
IT stocks remained in focus throughout the week and investors lapped-up quality IT names due to sustained doubledigit revenue growth visibility backed by strong deal wins, he added. “Domestic main indices raised the bar, registering new highs, bolstered by favourable economic data and a strong performance by large caps like defensive sectors such as IT, FMCG and telecom.
“Investor sentiments were boosted as retail inflation eased to 5.59% in July from 6.26% in June owing to softening food prices. Moreover, industrial production rose by 13.6% YOY in June on account of good performance by manufacturing, mining and power sectors,” said Vinod Nair, head of Research at Geojit Financial Services. Sectorally, BSE telecom, teck, capital goods, IT, energy and consumer durables indices rose up to 1.80%, while realty, healthcare and utilities ended in the red. Broader BSE midcap and smallcap indices underperformed the benchmark to end up to 0.06% lower.
Asian markets remained under pressure amid China’s regulatory crackdown on companies and rising Covid-19 cases in the country. Bourses in Shanghai, Hong Kong, Tokyo and Seoul ended in the red.