Mumbai: Indian benchmarks surged to fresh record highs at Friday close with a 0.3 per cent gain, with the Nifty rising 32 points to 8,389 while the Sensex climbed 102 points to 28,046. High-beta shares led the gains through the day, with stocks of real estate, metals, chemicals and oil & gas rising 2.2 per cent, 2.2 per cent, 1.7 per cent and 1.1 per cent, respectively.
While defensive sectors such as pharmaceuticals and consumer durables closing in the red (down 1.2 per cent and 0.4 per cent, respectively). Among individual stocks, top gainers for the day included Hindalco, GAIL, SBI and Tata Steel (up between 2.3 and 3.7 per cent) while losers were pharma firms Sun, Cipla and Dr Reddy's lost 1.2 to 2.5 per cent.
Equities were boosted by gains in US and Asian markets earlier in the day, even as wholesale inflation fell to a multi-year low to 1.77 per cent, which spawned further hopes the central bank may consider easing interest rates sooner rather than later.
Friday was also the last day of what has largely been a satisfactory second-quarter earnings season.
The Sensex is up 120.59 points at 28061.23, and the Nifty up 31.85 points at 8389.70. About 1549 shares have advanced, 1418 shares declined, and 116 shares are unchanged.
The realty index is up 2.5 per cent. Meanwhile, Sukumar Rajah, Templeton Asset Management is bullish on Indian equities and finds the Indian market attractive for long-term investors. Speaking to CNBC-TV18, he said going ahead returns of market will depend on earnings growth of India Inc.
He foresees revenue growth of Indian companies to be over 15 per cent in next five years. Rajah is overweight on financials, industrial and consumer discretionaries. India would have the fastest economic expansion among Asian countries and its gross domestic product is expected to grow by 6.3 per cent in 2015, according to Morgan Stanley forecasts of global economies.
The Indian rupee's exchange rate to USD would be at Rs 62.2 by end of next year compared to Rs 62 in the current quarter (Q4 this year), according to a presentation made at the Morgan Stanley's Annual Asia Pacific Summit held here from November 12-14 said.
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