Updated February 23rd, 2024 at 09:36 IST

Nifty 50 opens at fresh record high; IT, realty stocks among top gainers

The Nifty surged as high as 0.36% in the initial minutes of trade, reaching a new peak of 22,297.5.

Reported by: Business Desk
Stock market news | Image:Republic World
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Stock market news: Benchmark index, Nifty 50, commenced trading on Friday with a slight uptick, marking a fresh record high for the fifth consecutive session. This surge is propelled by a surge in information technology stocks, echoing a broader global equities rally.

As of 9:30 am, both the Nifty 50 and BSE Sensex were trading marginally higher at 22,245.00 and 73,219.33 respectively. The Nifty surged as high as 0.36 per cent in the initial minutes of trade, reaching a new peak of 22,297.5.

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“The strategy remains aggressively bullish on Nifty as sentiment, fundamentals, and technical analysis align, with targets set at 22500. Positive catalysts include rate cut predictions by Fed Vice Chair Jefferson, Nvidia's stock surge, and India's projected FY25 GDP growth of 6.5 per cent. Key support lies at 21,875,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd

Throughout this week, the Nifty has consistently reached all-time highs, recording peaks in each of the four preceding sessions and accumulating approximately 0.8 per cent growth over the period, buoyed notably by robust performances in the financial and consumer sectors.

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The broader market sentiment is reflective of a global rally, particularly in technology stocks, triggered by the outstanding earnings of AI-bellwether Nvidia.

Major US indices, including the S&P 500 index and Dow Jones Industrial Average, surged to record closing highs on Thursday, largely driven by Nvidia's remarkable performance, with the Nasdaq witnessing a substantial 3 per cent increase.

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This optimistic sentiment extended to European and Asian markets, with European shares reaching record highs on Thursday, and Asian markets, including Japan's Nikkei 225, continuing the upward trend on Friday.

In addition to the global rally, insights from the Reserve Bank of India's latest policy meeting hinted at a potential shift towards a less hawkish stance, with analysts expecting a rate cut in June amidst optimism over robust economic growth.

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On the investment front, domestic institutional investors (DII) made net purchases of shares worth  Rs 1,824 crore on Thursday, while foreign institutional investors (FII) sold stocks valued at Rs 1,410 crore.

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Published February 23rd, 2024 at 09:36 IST