Nifty hits record intra-day high; Sensex jumps 573 points on gains in power, banking stocks

Equity benchmark index Nifty hit its lifetime peak before closing 182 points higher on Friday, and the BSE Sensex jumped 573 points, powered by strong buying in power, banking and metal stocks.

Unabated capital infusion by domestic institutional investors amid a sharp rally in Asian peers also supported the domestic stock market, traders said.Charting out a firm trend, the 30-share BSE Sensex climbed 573.41 points or 0.67 per cent to settle at 85,762.01. During the day, it jumped 623.67 points, or 0.73 per cent, to 85,812.27.

The 50-share NSE Nifty went up by 182 points, or 0.70 per cent, to 26,328.55. During the day, it surged 193.45 points, or 0.73 per cent, to reach an all-time peak of 26,340.

From the 30-Sensex firms, NTPC, Trent, Bajaj Finance, Power Grid, Maruti, State Bank of India, ICICI Bank and Bharat Electronics were among the biggest gainers.

In contrast, ITC, Kotak Mahindra Bank, Titan Company, Axis Bank and Bharti Airtel were the laggards.Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,268.60 crore on Thursday, while Domestic Institutional Investors (DIIs) bought stocks worth Rs 1,525.89 crore, according to exchange data.

In Asian markets, South Korea’s Kospi index and Hong Kong’s Hang Seng index ended significantly higher. China’s Shanghai index and Japan’s Nikkei remain closed for a holiday. Markets in Europe were trading higher.US markets were closed on Thursday for the New Year’s Day holiday.Brent crude, the global oil benchmark, declined 0.36 per cent to USD 60.63 per barrel.On Thursday, the Sensex dipped 32 points or 0.04 per cent to settle at 85,188.60. The Nifty went up marginally by 16.95 points or 0.06 per cent to end at 26,146.55.

Rupee settles 22 paise down at 90.20 against US dollar: The Indian rupee slipped below the 90-mark and settled the day lower by 22 paise at 90.20 (provisional) against the US dollar on Friday, amid disappointing macroeconomic data and strengthening of the American currency in overseas markets.

Forex traders said persistent foreign fund outflows and strong dollar demand from importers further dented investor sentiment.However, weak crude oil prices and a surge in the domestic equities cushioned the downside, they said, adding that any intervention by the RBI may support the rupee at lower levels.At the interbank foreign exchange, the local unit opened at 89.95 against the dollar, and touched an intra-day low of 90.25 and a high of 89.92 during the session.

At the end of Friday’s trading session, the rupee was quoted at 90.20 (provisional) against the greenback, down 22 paise from its previous close.On Thursday, the rupee depreciated 10 paise to close at 89.98 against the US dollar.“Indian rupee fell on Friday, breaching the 90-mark once again amid disappointing macroeconomic data and a positive US dollar index... FII outflows too weighed on the rupee.

However, weak crude oil prices and a surge in the domestic equities cushioned the downside. RBI reportedly sold dollars via state-owned banks, which also prevented the pace of fall,” said Anuj Choudhary, Research Analyst, Commodities, Mirae Asset Sharekhan.On the domestic macroeconomic front, India’s manufacturing sector activity witnessed the weakest improvement in two years in December, driven by softer expansions in new orders.

The seasonally adjusted HSBC India Manufacturing Purchasing Managers’ Index (PMI) — an indicator of sector performance — fell from 56.6 in November to 55 in December. In the PMI parlance, a print above 50 means expansion, while a score below 50 denotes contraction.Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.07 per cent higher at 98.38.Brent crude, the global oil benchmark, was trading 0.58 per cent lower at USD 60.52 per barrel in futures trade.

On the domestic equity market front, the Sensex jumped 573.41 points to settle at 85,762.01, while the Nifty surged 182 points to 26,328.55.Foreign institutional investors offloaded equities worth Rs 3,268.60 crore on Thursday, according to exchange data.