Stock market today
: BSE Sensex and Nifty50, the Indian equity benchmark indices, rallied strongly in trade on Friday to reach lifetime highs. While BSE Sensex went past 84,500, Nifty50 was above 25,800. BSE Sensex ended the day at 84,544.31, up 1,360 points or 1.63%. Nifty50 closed the day at 25,790.95, up 375 points or 1.48%.
The domestic stock market continued its record-breaking run on Friday, taking cues from positive global and Asian markets amid the US Federal Reserve’s shift towards a monetary easing policy.
The Sensex soared over 1,300 points to surpass the 84,500 mark for the first time, while the Nifty also breached the 25,800 level. This surge in the market led to a Rs 5.6 lakh crore increase in the combined market capitalization of all BSE-listed stocks, reaching Rs 471 lakh crore, according to an ET report.
The broader market also participated in the rally, with the smallcap index gaining 0.5%. Bluechip stocks like JSW Steel, Hindalco, and Tata Steel were among the top performers, with JSW Steel shares rallying over 3%. The rally in metal stocks was driven by a bullish note from global brokerage Macquarie, which cited resilient domestic fundamentals and easing input costs. The brokerage also raised its target prices for Coal India, Tata Steel, and Jindal Steel and Power.
IIFL Finance shares surged 12% after the Reserve Bank of India lifted restrictions on its gold loan business. However, Vodafone Idea shares continued to decline, trading around 3% lower. IT stocks failed to recover and were trading lower for the third consecutive day.
Analysts expect the Nifty to trade within the 25,000-26,000 range, with key resistance at 25,500. “With strong market momentum, Nifty looks primed for gains. Stock picks include Titan (CMP ₹3,781) with a target of ₹3,951, and Oberoi Realty and Naukri, both offering bullish potential on intraday weakness,” said Prashanth Tapse of Mehta Equities. This week, the Bank Nifty has outperformed the Nifty, rising 2% compared to the Nifty’s 0.2% gain.
Global markets
also contributed to the positive sentiment, with the Dow ending above 42,000 for the first time and logging a record close alongside the S&P 500. Asian shares extended their rally on Friday, benefiting from the outsized interest rate cut in the United States. Japan’s Nikkei was up 2% after the Bank of Japan kept its interest rates unchanged and upgraded its assessment of consumption.
The rupee continued its gaining streak for the third straight session, rising 9 paise to 83.56 against the US dollar in early trade on Friday, supported by a firm domestic equity market and a weakening American currency.
