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Sensex: Sensex rose more than 400 points in opening trade; Nifty tops 17,700 – Times of India

Mumbai: Equity Benchmark Sensex Index majors Bajaj Finance, HDFC Twins and ICICI Bank gained amid continued foreign fund inflows, rising over 400 points to hit a new high of 59,550.88 in early trade on Friday. Comprehensive NSE Nifty It also rose more than 100 points to reach its new peak of 17,747.80 in the opening session.
The 30-share Sensex was trading 418.53 points or 0.71 per cent higher at 59,559.69. Similarly, nifty It rose 113.15 points, or 0.64 per cent, to 17,742.65 in opening deals.
ITC With gains of nearly 3 per cent in the Sensex pack, Bajaj Finance, Titan, Bajaj Finserv and Bharti Airtel.
On the other end, Tata Steel, NTPC, IndusInd Bank and power grid were in the back.
In the previous session, the 30-share index climbed 417.96 points or 0.71 per cent to its new closing peak of 59,141.16, and the Nifty ended 110.05 points or 0.63 per cent higher at its new lifetime high of 17,629.50.
Foreign institutional investors (FIIs) were net buyers in the capital market as they bought shares worth Rs 1,621.88 crore on Thursday, according to provisional exchange data.
“The market is now driven by momentum with valuations on the back burner. Even FIIs who were skeptical about valuations in July and sold heavily in July have come back strongly and gained momentum. FIIs have invested Rs 5,344 crore in the cash market during the last three days,” said VK Vijayakumar, chief investment strategist, Geojit Financial Services.
Nifty has now climbed nearly 10,000 points from the March 2020 low. Even the fanatical bulls would not have imagined such a brutal rally. He said that now the bulls are unlikely to give up their hold on the market till the Nifty reaches 60,000 on the 18,000/Sensex.
Elsewhere in Asia, Tokyo, Seoul and Hong Kong were trading with gains in mid-session deals, while Shanghai was in the red.
US stocks ended on a mixed note in the overnight session.
Meanwhile, international oil benchmark Brent crude slipped 0.22 per cent to $75.50 a barrel.

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