Mumbai, equity benchmarks Sensex and Nifty soared nearly 1 per cent to hit fresh all-time highs on Friday, driven by heavy buying in IT and technology stocks after strong gains from TCS amid hopes of a rate cut by the United States Federal Reserve.
A rally in Reliance Industries and Infosys also boosted investor sentiment, traders said.
The 30-share BSE Sensex jumped 622 points or 0.78 per cent to settle at a record closing level of 80,519.34. During the day, it rose 996.17 points or 1.24 percent to reach an all-time high of 80,893.51.
The NSE Nifty rose 186.20 points or 0.77 per cent to settle at a record close of 24,502.15. Intraday, it jumped 276.25 points or 1.13 percent to hit a new all-time high of 24,592.20.
On a weekly basis, the BSE benchmark index jumped 522.74 points or 0.65 per cent, while the Nifty rose 178.3 points or 0.73 per cent.
"Multiple tailwinds led the market to break out of the range-bound trajectory. The strong result of the TI indicator and a drop in US inflation to a one-year low added optimism to the market. The chances of a cut in Rates in September are gradually rising, which is evident in the fall in the dollar index," said Vinod Nair, Head of Research at Geojit Financial Services.
Among the Sensex pack, Tata Consultancy Services rose nearly 7 per cent after the country's largest IT services player reported 8.7 per cent growth for June quarter net profit of Rs 12,040 crore.
Infosys, HCL Technologies, Tech Mahindra, Axis Bank, Reliance Industries, JSW Steel, Bajaj Finance and Larsen & Toubro were the other big winners.
Maruti, Asian Paints, Titan, Kotak Mahindra Bank, Bharti Airtel and ICICI Bank were among the laggards.
In the broader market, the BSE mid-cap gauge fell 0.22 per cent, while the small-cap index fell 0.13 per cent.
Among the indices, IT rose 4.32 percent, Teck rose 3.29 percent, energy (0.13 percent), Bankex (0.10 percent) and services (0.06 percent).
By contrast, the real estate, energy, metals, utilities, automotive, industrial and consumer discretionary sectors were among the laggards.
"Nifty closed strongly on July 12 led by IT stocks after Tata Consultancy Services surprised the street with its first quarter results. Global stocks were mixed on Friday, after the latest update from US inflation report reinforced Wall Street's belief that interest rate relief can come like in September," said Deepak Jasani, head of retail research at HDFC Securities.
In Asian markets, Shanghai and Hong Kong closed higher, while Seoul and Tokyo finished lower.
European markets were trading higher mid-session. US markets finished mostly lower on Thursday.
Global benchmark Brent crude rose 0.78 percent to $86.13 a barrel.
Foreign institutional investors (FIIs) offloaded shares worth Rs 1,137.01 crore on Thursday, according to exchange data.
"On the global stage, US core CPI inflation for June stood at 3 percent, and consumer prices saw their first decline in four years as inflation eases. This data suggests that the The Federal Reserve could implement one or two rate cuts by the end of the year.
"As the budget session approaches, the market is optimistic that the government will maintain its focus on infrastructure, defence, railways and green energy," said Krishna Appala, senior research analyst at Capitalmind Research.
The BSE benchmark index closed lower by 27.43 points or 0.03 per cent at 79,897.34 on Thursday. The NSE Nifty fell 8.50 points or 0.03 per cent to settle at 24,315.95.
A rally in Reliance Industries and Infosys also boosted investor sentiment, traders said.
The 30-share BSE Sensex jumped 622 points or 0.78 per cent to settle at a record closing level of 80,519.34. During the day, it rose 996.17 points or 1.24 percent to reach an all-time high of 80,893.51.
The NSE Nifty rose 186.20 points or 0.77 per cent to settle at a record close of 24,502.15. Intraday, it jumped 276.25 points or 1.13 percent to hit a new all-time high of 24,592.20.
On a weekly basis, the BSE benchmark index jumped 522.74 points or 0.65 per cent, while the Nifty rose 178.3 points or 0.73 per cent.
"Multiple tailwinds led the market to break out of the range-bound trajectory. The strong result of the TI indicator and a drop in US inflation to a one-year low added optimism to the market. The chances of a cut in Rates in September are gradually rising, which is evident in the fall in the dollar index," said Vinod Nair, Head of Research at Geojit Financial Services.
Among the Sensex pack, Tata Consultancy Services rose nearly 7 per cent after the country's largest IT services player reported 8.7 per cent growth for June quarter net profit of Rs 12,040 crore.
Infosys, HCL Technologies, Tech Mahindra, Axis Bank, Reliance Industries, JSW Steel, Bajaj Finance and Larsen & Toubro were the other big winners.
Maruti, Asian Paints, Titan, Kotak Mahindra Bank, Bharti Airtel and ICICI Bank were among the laggards.
In the broader market, the BSE mid-cap gauge fell 0.22 per cent, while the small-cap index fell 0.13 per cent.
Among the indices, IT rose 4.32 percent, Teck rose 3.29 percent, energy (0.13 percent), Bankex (0.10 percent) and services (0.06 percent).
By contrast, the real estate, energy, metals, utilities, automotive, industrial and consumer discretionary sectors were among the laggards.
"Nifty closed strongly on July 12 led by IT stocks after Tata Consultancy Services surprised the street with its first quarter results. Global stocks were mixed on Friday, after the latest update from US inflation report reinforced Wall Street's belief that interest rate relief can come like in September," said Deepak Jasani, head of retail research at HDFC Securities.
In Asian markets, Shanghai and Hong Kong closed higher, while Seoul and Tokyo finished lower.
European markets were trading higher mid-session. US markets finished mostly lower on Thursday.
Global benchmark Brent crude rose 0.78 percent to $86.13 a barrel.
Foreign institutional investors (FIIs) offloaded shares worth Rs 1,137.01 crore on Thursday, according to exchange data.
"On the global stage, US core CPI inflation for June stood at 3 percent, and consumer prices saw their first decline in four years as inflation eases. This data suggests that the The Federal Reserve could implement one or two rate cuts by the end of the year.
"As the budget session approaches, the market is optimistic that the government will maintain its focus on infrastructure, defence, railways and green energy," said Krishna Appala, senior research analyst at Capitalmind Research.
The BSE benchmark index closed lower by 27.43 points or 0.03 per cent at 79,897.34 on Thursday. The NSE Nifty fell 8.50 points or 0.03 per cent to settle at 24,315.95.
