The record high closing on Wall Street overnight pushed India's stock market with Sensex and Nifty hitting their respective all-new lifetime highs. The US benchmark index Dow Jones Industrial Average breached the psychological 25,000 mark for the first time on Thursday.
Sensex and Nifty opened higher on Friday as most of the Asian shares ticked up to record highs in the early trade following the lifetime high closing on Wall Street overnight. The Dow Jones Industrial Average breached the psychological 25,000 mark for the first time. BSE Sensex gained 51.63 points to begin at 34,021.27 and NSE Nifty added 29.45 points to open at 10,534.25. Shares of Birla group telecom company Idea Cellular extended the gains on the back of fundraising plans. Within minutes of opening up, the benchmark indices Sensex and Nifty moved ahead in quick successions nearing their respective record highs. Sensex jumped 192.01 points to the record high of 34,161.65 and NSE Nifty added 50.3 points to mark a high of 10,555.1 for the first time.
The stock of Idea Cellular zoomed as much as 8.4% to the day’s high of Rs 113.25 after the telecom company unveiled a plan to raise up to Rs 6,750 crore which will alter the shareholding pattern of the company and have a bearing on its merger agreement with Vodafone. The board of Idea Cellular on Thursday approved the plan to raise Rs 3,250 crore by selling shares on a preferential basis. The board of directors of Idea Cellular approved an issuance of 32.66 crore equity shares of face value Rs 10 at a price of Rs 99.5 on a preferential basis to the promoter group entities.
Shares of Yes Bank, Adani Ports, Tata Steel, Maruti Suzuki, TCS, Bharti Airtel gained up to 2.25% and were among the top gainers of Sensex stocks. The heavyweight shares of companies such as Maruti Suzuki, HDFC Bank, TCS, ITC, Yes Bank, HDFC, L&T, and Infosys contributed the most to the Sensex upsurge. Collectively these eight stocks alone added about 105 points to the index. The other broad market indices of NSE such as Nifty Next 50, Nifty 100, Nifty 200, Nifty 500, Nifty Midcap 50, Nifty Mid100 Free and Nifty Sml100 Free advanced in a range of 0.4% to 1%. On the other hand, all of the eleven sectoral indices of NSE were trading in green with Nifty Metal and Nifty Realty leading the charge
The Dow industrials broke above the 25,000 level for the first time on Thursday and other major indexes hit closing record highs again, propelled by strong global economic data that extended the New Year’s rally for the stock market, Reuters said in a report. The 30-member blue-chip index crossed five 1,000-point marks in 2017 on solid corporate earnings and hopes for a pro-growth agenda by US President Donald Trump, Reuters added. It took less than a year for the Dow to add a 5,000-point milestone, which is the fastest since the index was created in May 1896. The Dow Jones Industrial Average rose 152.45 points, or 0.61 percent, to 25,075.13, the S&P 500 gained 10.93 points, or 0.40 percent, to 2,723.99 and the Nasdaq Composite added 12.38 points, or 0.18 percent, to 7,077.92.