Information technology (IT) stocks helped India’s key indices hit fresh all-time highs on Friday as strong US economic data eased fears of a slowdown and improving overall sentiment.
The Nifty 50 was up 0.72% at 19,108.20 and the S&P BSE Sensex was up 0.78% at 64,414.84 as of 10:05 am.
Midcaps and small caps hit new all-time highs and 52-week highs, respectively.
The heavyweight IT index rose as much as 1.83% and all 13 major sectoral indices posted gains.
Infosys was the top gainer on the Nifty 50, rising 2.5%.
IT companies derive a large portion of their revenue from customers in the US and are supported by the country’s strong economic data.
An upward revision in first-quarter gross domestic product, a sharp drop in jobless claims and positive results from the US Federal Reserve’s stress test helped ease concerns about growth in the world’s largest economy.
The Nifty 50 has rallied nearly 10% this quarter and is poised to record its best quarter since September 2021.
Analysts cite strong inflows from abroad, cooling inflation and steady growth in corporate profits as the main reasons for the rise in Indian stocks.
“The current upward momentum may continue and the 19000-19200 band may soon be the next resistance for the Nifty,” said Deepak Jasani, head of retail research at HDFC Securities.
Among individual stocks, Power Grid rose to a record high of 3.82%.
Shares of India’s multi-commodity exchange fell 10% after the company extended the services of software vendor 63 Moons Technologies for six months at a higher cost.
($1 = 82.0972 INR)
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