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Domestic stock markets continued their rally on Friday (June 30) with BSE Sensex touching a record-high of 64,768.58 and the benchmark NSE Nifty at life-time high of 19,201.70 in the intraday session. The Sensex closed 803.14 points up at 64,718.56 while Nifty50 climbed 216.95 points to end the week at 19,189.05.
The momentum in the market has picked up again and the undercurrent has the potential to take the benchmark indices to newer highs on renewed institutional sentiment, analysts said.
This resilience of the US economy, which was not anticipated and discounted by the market, is the strongest pillar of support for the global markets now, he said.
Robust buying of Indian equities by foreign portfolio investors (FPIs) is also supporting markets.
Till June 28, FPIs have bought Rs 32,344 crore of equities from the domestic market. Since April this year, overseas investors have pumped in over Rs 83,000 crore into the equities market.
Which are the stocks that have rallied?
The gains in the markets are driven by rise in shares of companies such as Infosys, Power Grid, Mahindra & Mahindra, HDFC Bank, IndusInd Bank, Bajaj Auto and Bajaj Finance.
Who are the top losers today?
Adani Ports, HDFC Life, Eicher Motors, Tata Steel, ICICI Bank, HDFC Life and Bharti Airtel are among the top losers in the market in the early trades.
What is the outlook on markets?
In July, the market trend will be influenced by auto sales numbers in June, first quarter results, progress of the monsoon and the Fed rate decision and commentary by the month end.
“Nifty finally has created history by touching the 19000-landmark, making the all-time high level with bias and sentiment maintained strong. Now with near-term support of 18800 zone, one can anticipate for next targets of 19200-19250 levels with most of the frontline heavyweight stocks getting into momentum improving their bias,” said Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher Pvt. Ltd.
