Nifty hits record high on global cues, Bajaj Finance soars

The 30-share BSE Sensex jumped 470.92 points to 75,082.03 while NSE Nifty50 climbed 139.5 points to hit a record peak of 22,787.70.

Indian benchmark indices BSE Sensex and NSE Nifty advanced (File Image)

Indian benchmark indices BSE Sensex and NSE Nifty advanced on Friday (May 03) on the back of positive trends in global markets.The Nifty reached its fresh all-time peak after crossing earlier levels of 22,783.3.

The 30-share BSE Sensex jumped 470.92 points to 75,082.03 while NSE Nifty50 climbed 139.5 points to hit a record peak of 22,787.70.

The rally was led by shares of Bajaj group stocks, Bajaj Finance and Bajaj Finserv.

From the Sensex basket, Bajaj Finance jumped 6 per cent, while Bajaj Finserv climbed nearly 5 per cent after Reserve Bank of India (RBI) lifted restrictions on Bajaj Finance on sanctioning and disbursal of loans through eCOM and Insta EMI Card. NTPC, ICICI Bank, Tata Steel and JSW Steel were the other major gainers.

Bharti Airtel, Maruti, Asian Paints and Larsen & Toubro were among the laggards

In November 2023, RBI had directed Bajaj Finance to stop sanction and disbursal of loans under its two lending products, eCOM and Insta EMI Card, due to the company’s non-adherence to the extant provisions of digital lending guidelines.

“The removal of restrictions on Bajaj Finance’s eCOM adds to the upbeat market sentiment. Investors are eagerly awaiting the US jobs report for April and keeping an eye on Q4 corporate earnings from India Inc,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, as reported by PTI.

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In Asian markets, Seoul and Hong Kong were trading in the positive territory while Shanghai quoted lower.

US indices inched higher on Thursday on the back of tech stocks led by Apple, which announced the largest ever share buyback. The buyback will cost the iPhone maker around $110 billion.

Tech-heavy NASDAQ record biggest jump at 235.48 points, or 1.51 per cent higher at 15,840.95 while Dow Jones Industrial Average (DJIA) inched 322.37 points, or 0.85 per cent higher at 38,225.66. S&P 500 added 0.91 per cent higher at 5,064.20.

“Global and domestic cues are positive for the markets. The decline in dollar index to 105.3, correction in the US 10-year bond yield to around 4.5 per cent and Brent crude below USD 84 a barrel will further strengthen the bulls. The strong pillar of support for this market is the strong buying by DIIs facilitated by the sustained flow of funds,” said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.