Sensex jumps over 200 points to reach 55,000; Nifty jumps over 16,400.

Share Market
Share Market

On Friday, equity indices surged to new highs, with the benchmark BSE sensex surging past the physiological level of 55,000, boosted by gains in banking and financial stocks. In early trade, the 30-share sensex gained 214 points, or 0.39 percent, to 55,058; while the broader NSE Nifty gained 66 points, or 0.41 percent, to 16,431.

HDFC, M&M, ICICI Bank, L&T, HDFC Bank, and TCS were the top gainers on the BSE index, with their stocks rising as much as 1.21 per cent.

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On the NSE, the Nifty Financial Services and Nifty Bank sub-indices both increased by as much as 0.59 percent.

Investor sentiment improved as the country’s retail inflation eased due to improved supplies and the government assured investors that they would receive assistance to weather the economic strain caused by the pandemic.

Consumer prices fell to 5.59 percent last month, down from 6.26 percent in June.

Additionally, Union finance minister Nirmala Sitharaman told industrialists on Thursday that the economy had not yet reached the point where the central bank could withdraw financial liquidity support.

On Thursday, the Sensex and Nifty settled at new all-time highs as investors flocked to power, information technology, and banking stocks.

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“Market breadth remained skewed in favour of bulls despite mixed global cues and strong support from IT, power, and utility stocks,” Vinod Nair, head of research at Geojit Financial Services, told PTI.

Meanwhile, according to exchange data, foreign institutional investors were net buyers in the capital market on Wednesday, purchasing shares worth Rs 238.14 crore.

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