India front-line indices continued trading at an all-time high on Friday in mid-session following positive sentiments in the market after the US Fed rate cut.
Sensex and Nifty made a new all-time high of 84,213 and 25,716 respectively. It is for the first time the Bombay Stock Exchange (BSE) benchmark traded over 84,000.
By 11:16 a.m., the benchmark BSE Sensex had surged by 1,028 points or 1.21 per cent to 84,190 and Nifty managed to inch up by 287 points or 1.13 per cent to 25,700.
The market trend remained positive. On the National Stock Exchange (NSE), 1,733 shares were in the green and 650 in red.
There was sharp buying in the midcap and smallcap stocks. Nifty midcap 100 index was up 527 points or 0.89 per cent at 59,879 and Nifty smallcap 100 index was up 199 points or 1.04 per cent at 19,344.
Sectoral indices were mostly trading in green. Auto, metal, realty, energy, and FMCG were the major gainers.
Major gainers in Sensex were JSW Steel, M&M (NS:MAHM), L&T, Maruti Suzuki (NS:MRTI), Tata Steel (NS:TISC), Power Grid (NS:PGRD), ICICI Bank (NS:ICBK), Nestle (NS:NEST), Bharti Airtel (NS:BRTI), and Tech Mahindra (NS:TEML). The major losers were TCS (NS:TCS) and Axis Bank (NS:AXBK).
According to market experts: "the Dow and S&P 500 setting yet another record highs yesterday is indicative of the strength of this ongoing global bull run led by the mother market US. The good labour market data from the US indicates that the labour market is only slowing, not deteriorating. With inflation under control, this means the US is set for a soft landing under a declining interest rate scenario. This is positive for global equity markets".
"A big trend in India, one is that Bank Nifty has outperformed; it is up two per cent this week against Nifty's rise of 0.2 per cent. Weakness in the broader market on valuation concerns is another important trend. These trends will continue, in our view," they added.
FIIs went net selling mode by selling equities worth Rs 2,547 crore on September 19, while domestic institutional investors furthered their buying spree by purchasing equities worth Rs 2,012 crore on the same day.
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