Mumbai, Sep 20 (IANS): India front-line indices were trading at an all-time high on Friday in mid-session following positive sentiments in the market after the US Fed rate cut.
Sensex and Nifty made a new all-time high of 84,213 and 25,716 respectively. It is the first time the Bombay Stock Exchange (BSE) benchmark traded over 84,000.
At 11:16 a.m., Sensex was up 1,028 points or 1.21 per cent at 84,190 and Nifty was up 287 points or 1.13 per cent at 25,700.
The market trend remained positive. On the National Stock Exchange (NSE), 1,733 shares were in the green and 650 in red.
Sharp buying was also seen in the midcap and smallcap stocks. Nifty midcap 100 index was 527 points or 0.89 per cent at 59,879 and Nifty smallcap 100 index was 199 points or 1.04 per cent at 19,344.
Almost all sectoral indices were trading in the green. Auto, metal, realty, energy and FMCG were the major gainers.
In Sensex, JSW steel, M&M, L&T, Maruti Suzuki, Tata Steel, Power Grid, ICICI Bank, Nestle, Bharti Airtel and Tech Mahindra were major gainers. TCS and Axis Bank were major losers.
According to the market experts, "The Dow and S&P 500 setting yet another record highs yesterday is indicative of the strength of this ongoing global bull run led by the mother market US. The good labour market data from the US indicates that the labour market is only slowing, not deteriorating. With inflation under control, this means the US is set for a soft landing under a declining interest rate scenario. This is positive for global equity markets."
"A significant trend in India is the outperformance of Bank Nifty which is up two per cent this week against Nifty’s rise of 0.2 per cent. Weakness in the broader market on valuation concerns is another important trend. These trends are likely to continue," they added.
The foreign institutional investors (FIIs) turned net sellers as they sold equities worth Rs 2,547 crore on September 19, while domestic institutional investors extended their buying as they bought equities worth Rs 2,012 crore on the same day.