Domestic stocks continued their sharp upmove for the third straight session in Friday's trade to scale their fresh lifetime highs. The massive rise was supported by gains across all sectors. The 30-share BSE Sensex pack soared more than 1,700 points to hit a record high of 76,795, while the broader NSE Nifty index moved 517 points up to hit a peak of 23,339. Such was the rise in the domestic bourses that around Rs 7.5 lakh crore of BSE market capitalisation (m-cap) was generated.
Buying interest in select heavyweights such as Infosys Ltd, Reliance Industries Ltd, HDFC Bank, ICICI Bank, Bajaj Finance, Airtel, TCS and Axis Bank lifted the indices higher.
Reserve Bank of India (RBI) raising its growth expectations to 7.2 per cent in bi-monthly policy for the current fiscal year buoyed investor sentiment. Although, the Reserve Bank kept key interest rates unchanged at 6.5 per cent. Market participants also moved past the general election results, awaiting the formation of a coalition government.
Here's a look at today's market rise in numbers:
Investor wealth jumps Rs 7.5 lakh crore
Investor wealth, as suggested by the BSE m-cap, rose Rs 7.54 lakh crore to Rs 42.43 lakh crore today compared with a valuation of Rs 415.89 lakh crore recorded during the previous session.
159 stocks hit 52-week high levels on BSE
As many as 159 stocks hit their 52-week high levels today. BSE 500 stocks such as Aditya Birla Fashion and Retail Ltd, Aegis Logistics, ARE&M, Avanti Feeds, Balkrishna Industries, Bikaji Foods and Biocon hit their respective one-year high levels. With that being said, 29 stocks touched their respective one-year lows today.
Market breadth strong: 2,762 stocks were in the green
Out of 3,838 stocks, 2,762 stocks were seen declining on BSE. 940 stocks were advancing, while 136 stocks remained unchanged.
Avanti Feeds, IIFL Finance & ARE&M soar up to 12%
Stocks such as Avanti Feeds, IIFL Finance, ARE&M, GAEL, Paytm, Mastek, Praj Industries, Tejas Networks, Garware Technical Fibres and Sunteck Realty surged as much as 12.21 per cent.
IT & consumer durables among top gainers
For Sensex, the major constituents that pulled the index higher were Infosys, Reliance, HDFC Bank, M&M, ICICI Bank, Bajaj Finance, TCS, Airtel and Tata Steel. Infy, RIL and HDFC alone contributed positively to the around 493-point climb.
On NSE, All 16 sub-indices were seen trading in the green. Nifty Consumer Durables and Nifty IT outperformed the NSE index by rising 1.44 per cent and 3.23 per cent.
FII-DII data
Foreign institutional investors (FIIs) sold Rs 6,867.72 crore of shares on a net basis yesterday, while domestic institutional investors (DIIs) bought Rs 3,718.38 crore of stocks, exchange data showed.