The Indian equity markets achieved record highs on Friday, with significant buying seen in metal, FMCG, and auto stocks. The Sensex rose by 573 points to close at 85,762, while the Nifty gained 182 points to settle at 26,328. Nifty hit a new high of 26,330 during the day, surpassing its previous peak of 26,325.
Bank Nifty also marked a fresh all-time high of 60,152.35, primarily fueled by the robust performance of the banking sector. By the end of trading, there were 2,527 advancing shares, 1,347 declining shares, and 135 unchanged shares. Notably, Coal India and NTPC emerged as major gainers on the Nifty.
In terms of sectors, Nifty FMCG was the sole loser, declining by 1.15 percent, while Nifty PSU Bank led the gainers, rising by 1.78 percent. Auto, metal, realty, consumer durables, and power sectors all saw gains of 1 percent each. The positive market sentiment was supported by stable domestic macro fundamentals and ongoing confidence in India’s medium-term growth prospects.
The auto sector witnessed increased activity following promising auto sales figures. The broader markets outperformed the benchmark indices, with the Nifty Midcap 100 index rising by 1.04 percent and the NSE Smallcap 100 edging up by 0.78 percent. Despite an initial dip to 26,118, the Nifty saw steady buying interest and traded close to the day’s high, indicating sustained positive momentum throughout the session.
According to an analyst, maintaining levels above 26,300 could drive the rally towards 26,500, potentially reaching 26,700 with strong follow-through. The short-term outlook remains bullish, with potential buying interest on dips towards 26,200. Meanwhile, the Indian rupee weakened beyond the 90-mark against the US dollar during the trading session.
Overall, market sentiment remained optimistic, supported by the strength in the banking sector and a firm market breadth. Analysts highlighted positive expectations for the upcoming earnings season, particularly in banking, infrastructure, consumer goods, and manufacturing-related sectors.
