BENGALURU: India’s benchmark indexes hit fresh all-time highs on Thursday as strong domestic data lifted heavyweight financial stocks amid a global rally.
The Nifty 50 index rose 0.57% to 21,778.70 points, while the S&P BSE Sensex advanced 0.52% to 72,410.38 points.
The 50-member Nifty index has now hit a record high in 13 of 19 sessions in December. It gained over 8% so far in the month, on track for its best month since July 2022.
The country’s financial sub-indexes, such as banks , private banks, public sector banks and top-weighted financials, rose between 0.3% and 1% after a Reserve Bank of India (RBI) report on Wednesday showed that Indian banks’ gross non-performing asset (GNPA) ratio continued to improve in the second quarter of the current financial year.
“Indian market has taken the RBI’s report as a positive assurance, signifying that overall position of the financial sector remains stable.” said Narendra Solanki, head of fundamental research of investment services at Anand Rathi Shares and Stock Brokers.
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HDFC Bank and Reliance Industries gained 0.1% and 0.7% each.
The Nifty PSE index was the top percentage gainer of the day, appreciating 2.4%, with most state-owned oil marketing companies rising on the back of steady global oil prices.
Among individual stocks, Sula Vineyards gained 4.7% after the company recorded highest number of visitors over the Christmas weekend.
Housing and Urban Development Corp Ltd extended Wednesday’s gains to close 12.3% higher, after it signed a deal with the Gujarat state government to invest up to 145 billion rupees ($1.74 billion).
Investor sentiment globally also remains positive on sustained confidence around rate cuts by the U.S. Federal Reserve.
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