Sensex Surges 1,034 points, Nifty Above 18,300 Level; Tech Companies Lead

Equity benchmark Sensex on Friday surged by 1,034.01 points, or 1.71 per cent, to 61,647.71 in the early trade. On similar lines, the broader NSE Nifty also surged 293.15 points to 18,321.35. Among the 30 shares of Sensex, all stocks, except Mahindra and Mahindra, were in the green.

Tech companies strongly supported the stock market on Friday morning. Infosys recorded the highest jump of 4.37 per cent to Rs 1,567.90 among the Sensex companies, followed by HCL Tech (4.01 per cent), Tech Mahindra (3.89 per cent), Wipro (3.85 per cent) and TCS (3.80 per cent).

V K Vijayakumar, chief investment strategist at Geojit Financial Services, said, “Since dollar is weakening, FIIs are likely to increase their buying and with Monthly SIP figure crossing Rs 13,000 crore, DIIs too will have to deploy the inflows. In brief, it is Advantage Bulls for the near term. New record for the Nifty is only a question of when.”

Prashanth Tapse, research analyst and senior vice-president (research) at Mehta Equities, said, “Markets are all set to reverse the recent downward trend and start the Friday’s session on a robust note following overnight gains in the US indices after its consumer price inflation eased for a 4th month in a row to 7.7 per cent y-o-y in October. It was the lowest since January and below market expectations of 8 per cent. Further, the 10-year US treasury yield falling more than 18 basis points to 3.946 per cent and the easing US dollar index would further bolster investors’ sentiment.”

Foreign Institutional Investors (FIIs) remained net buyers in capital markets as they purchased shares worth Rs 36.06 crore on Thursday, according to exchange data.

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