 "Nifty hits all-time high after upbeat US data sparks another record close on Wall Street")
The NSE Nifty today hit a record high at 7924.0, breaching its revious high of 7922.70 hit on 20 August, 2014.
“Markets are getting into the expiry mood as we are nearing the derivative contracts expiry. We will see stock-specific action. I feel enough money is waiting to enter into the market. It is a buy-on-dip market,” Jagannadham Thunuguntla, SMC Global Securities, said yesterday.
Meanwhile, the Sensex is up 71.56 points at 26431.67.
Axis Bank, TCS, HDFC Bank, Hero Motocorp and Tata Power are top gainers in the Sensex. Among the losers are Sun Pharma, M&M and Bharti Airtel.
United Spirits is the worst Nifty performer, trading over 2 percent lower.
The Indian rupee opened higher by 18 paise on Friday at 60.49 per dollar versus 60.67 Thursday.The dollar is hovering just below its 2014 peak against a basket of major currencies
Asian shares too rose in early trading on Friday, after upbeat United States data sparked another record close on Wall Street.
United States home resales rose to a 10-month high in July, factory activity in the mid-Atlantic region hit its highest level since March 2011 in August, and a gauge of future economic activity grew solidly last month.
“A clutch of positive reports on the United States economy sharpened the contrast with most of the rest of the world and helped propel the S&P 500 to a record high,” analysts at Barclays said in a note to clients.
MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.1% in early trading, on track for a weekly gain of 0.4 %. Japan’s Nikkei stock average added 0.2 %, poised for a robust 1.9 % weekly rise.
Data on German private-sector growth also reassured investors about Europe’s biggest economy. Markit’s flash composite Purchasing Managers’ Index for Germany was 54.9 for August, well above the 50 mark that separates economic expansion from contraction.
Investors awaited a speech by Federal Reserve Chair Janet Yellen later in the session at the annual gathering of central bankers in Jackson Hole, Wyoming, which will be studied for any fresh signals about the timing of United States monetary policy steps.
Kansas City Fed President Esther George told CNBC on Thursday the time has come for higher rates, while less hawkish San Francisco Fed President John Williams said the bank should wait until the summer of 2015.
Minutes from the Fed’s July meeting on Wednesday showed policymakers debated whether interest rates should be raised earlier given a surprisingly strong job market recovery.
The dollar hovered just below its 2014 peak against a basket of major currencies early on Friday, with the dollar index steady on the day at 82.172.
The dollar was treading water against its Japanese counterpart at 103.85 yen, after hitting an overnight high of 103.97, in sight of its April peak of 104.13 yen.
The euro was also steady on the day at $1.3278, after the German data helped it pull away from an 11-month trough of $1.3242 plumbed on Thursday.
In commodities trading, spot gold steadied at $1,277.44 an ounce, after losing 1.3 % on Thursday to a two-month low, as speculation about an early United States interest rate hike sparked a technical selloff after prices broke below a key support level.
With inputs from Reuters
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