Nifty hits record high in early trade, Sensex climbs over 350 points

The Nifty went past its previous record high of 15,431.75 and touched a lifetime intraday high of 15,455.55 in the early trade on Friday while the Sensex climbed above 350 points to touch an intraday high of 51,477.05.

The benchmark equity indices on the BSE and National Stock Exchange (NSE) opened around 0.5 per cent higher on Friday with the Nifty 50 hitting a record high in the early deals led by gains in metal stocks.

The Nifty went past its previous record high of 15,431.75 and touched a lifetime intraday high of 15,455.55 in the early trade on Friday while the Sensex climbed above 350 points to touch an intraday high of 51,477.05.

At 9:49 am, the Sensex was trading at 51,446.41, up 331.19 points (0.65 per cent), while the Nifty was at 15,449.75, up 111.90 points (0.73 per cent).

The gains in the NSE benchmark during the early trade were being led by Tata Steel, JSW Steel, ONGC, Reliance Industries (RIL) and Hindalco Industries.

In the previous session, the 30-share BSE frontliner had ended 97.70 points (0.19 per cent) higher at 51,115.22, and the broader Nifty rose 36.40 points (0.24 per cent) to settle at 15,337.85.

In the broader market, the S&P BSE MidCap index was trading at 21,780.88, up 93.41 points (0.43 per cent) at 9:58 am, while the S&P BSE SmallCap was at 23,698.15, up 106.66 points (0.45 per cent).

Among the sectoral indices, the Nifty Metal index was up over 2 per cent during the early trade led by Tata Steel, Jindal Steel & Power and JSW Steel. The key Bank Nifty was up nearly 0.5 per cent led by gains in IDFC First Bank and RBL Bank.

Global market

Asian stocks put global equities on course for a seventh day of gains on Friday as investors bet the US will lead the world out of the COVID-19 pandemic, with the focus turning to a multi-trillion dollar spending boost by the Biden administration.

Tokyo led the advance, with the Nikkei jumping 1.9 per cent early in the session. MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.3 per cent, hitting its highest level this month, though Chinese blue chips slipped 0.1 per cent just after the open.

The MSCI world equity index added 0.1 per cent to 709.71, nearing the all-time closing high of 710.36 set on May 7. US stocks were also poised for further gains after the S&P 500’s 0.1 per cent rise overnight, with futures pointing to a 0.3 per cent increase at the open.

–global market input from Reuters

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