-Indian equities rose to fresh all-time highs on Friday led by banking, financials, and IT stocks
-Sensex rose 969 points today and closed above the 71,400 mark while Nifty was up 274 points and ended at 21,456
Sectorwise performance
Nifty IT rallied 4.5%, while Nifty Metal and Nifty PSU Bank surged over 2%. Whereas Nifty Auto, FMCG, Media, and Realty declined. The rise in IT stocks comes after the Fed acknowledged it is making real progress in easing inflation while maintaining a rate pause.
Gainers and losers
From the Sensex pack, HCL Tech, TCS, and Infosys were the top gainers, rising 5-6%. SBI, Tata Steel, Tech Mahindra, NTPC, and Wipro also closed higher. Conversely, only Nestle, Bharti Airtel, Maruti, and ITC closed in the red.
Stocks in news
Newly listed IREDA shares ended with a 10% lower circuit after rising for 7 consecutive days.
PNB closed 1.5% higher as the public sector bank became the third PSU lender to cross the Rs 1-lakh-crore market cap after its shares surged nearly 80% in the last six months.
Global markets
Asian shares jumped to a four-month high on the back of a sharp decline in the dollar and a Fed-fuelled rally
Japan’s Nikkei rose 1%. Chinese blue chips gave up earlier gains to be 0.3% lower and hit a fresh five-year trough. Hong Kong’s Hang Seng index, however, rebounded 2.2%.
The US 10-year yield was down 2 bps at 3.913%, on track for a 33 basis point weekly fall, its most since pandemic volatility in March 2020.
Rupee and oil
Due to heavy dollar inflows and market rallies, the Indian rupee was up .40% and closed at 82.99 per dollar.
Oil prices rose after benefiting from a bullish forecast from the International Energy Agency (IEA) on oil demand for next year and a weaker dollar.
Brent futures were at $76.82 a barrel while US WTI crude futures were at $71.79.
