Opening bell: Nifty hits fresh life-time high; Sensex gains 70 points

Updated on: Feb 23, 2024, 09:20:21 IST

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India's blue-chip index Nifty 50 is set to hit a record high for the fifth straight session on Friday, moving in tandem with a global technology stocks-led rally that was triggered by AI-bellwether Nvidia's stellar earnings.

A bird flies past a screen displaying the Sensex results on the facade of the Bombay Stock Exchange (BSE) building in Mumbai. (Reuters)

India's GIFT Nifty was trading at 22,312.50 as of 8:13 a.m. IST, indicating that the NSE Nifty 50 will open above its Thursday's record close of 22,217.45.

The Nifty has hit all-time peaks in each of the four sessions this week and gained about 0.8% over the period, aided by financials and consumer stocks.

The Sensex has added 1% this week so far and is about 300 points away from its record high.

The S&P 500 index and Dow Jones Industrial Average both jumped to record closing highs on Thursday, powered by chipmaker Nvidia's surge after its bumper earnings and outlook. The Nasdaq added about 3%.

European shares rose to a record high on Thursday and the euphoria carried over into the Asian markets on Friday. The MSCI Asia ex-Japan index gained over 0.5%. Japan's Nikkei 225, fresh off an Nvidia-powered record high on Thursday, rose another 2%.

Meanwhile, the minutes of the Reserve Bank of India's latest policy meeting hinted "at a dialing down of hawkishness, with two members materially more dovish, as members showed optimism over robust growth," Barclays analysts said in a note.

They expected India's central bank to cut rates in June.

Domestic institutional investors (DII) bought shares worth 18.24 billion rupees ($220.1 million), on a net basis, on Thursday while foreign institutional investors (FII) offloaded stocks worth 14.10 billion rupees.

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