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Sensex, Nifty Hit Lifetime Highs

Shares of Power Grid Corp, Reliance, and ONGC were among the top gainers for Sensex on Friday as they surged over a per cent each.

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The Dalal-Street marked yet another historic day as both the benchmark indices scaled their lifetime highs at the market opening on Friday, June 11. The BSE Sensex was up 228.01 points or at 52528.48, while the key index Nifty-50 was up 73.20 points at 15811.00.

The 30-share pack Sensex witnessed gains in 27 scrips at the market opening led by strong buying interest among the investors which fueled the markets to an all-time high. Shares of Power Grid Corp, Reliance, and ONGC were among the top gainers for Sensex on Friday as they surged over a per cent each.

Tracking the sectoral performance, except for Nifty Realty, all other sectors saw healthy buying with the Metal sector being the top gainer, up over a per cent at market opening. Shares of Coal India were up by over four per cent, while those of Hind Zinc and MOIL were up over two per cent.

On the flipside, shares of Bajaj Finance and Bajaj Finserv were among the top losers of the index as investors booked their profits from their previous day's positions.

How did the markets rally?

Experts are of a view that positive outcome of the economic data from the US which assured the heightened inflation would be temporary boosted the sentiment globally as the U.S and Asian markets also jumped higher overnight. Further, opening up of the economy in a phased manner and the pace of vaccination going forward in the country will drive the sentiment.

"With many states starting to ease restrictions gradually, we expect the demand environment to improve and the unlock trade to play out well in Jun’21," said Siddhartha Khemka of Motilal Oswal Financial Services.

The foreign fund inflows have also been on the track lately and this is one of the major reasons that has caused the surge in the equity markets starting from the month of October'20, said experts.

Foreign institutional investors (FIIs) net bought shares worth Rs 1,329.7 crore, while domestic institutional investors (DIIs) net sold shares worth Rs 575.19 crore in the Indian equity market on June 10, as per provisional data available on the exchanges.