Sensex surges 800 points sets new record high at 64,718; Nifty above 19,180

India's benchmark indexes soared to new record highs on Friday, with the Sensex surging 800 points to close at an all-time high of 64,718. Meanwhile, the Nifty rose to an unprecedented level, crossing the 19,180 mark before settling at 19,189.05.

The surge was driven by positive economic data from the United States, which alleviated concerns of a slowdown and boosted overall market sentiment. The Nifty 50 demonstrated impressive growth, climbing as much as 1.21% to reach an all-time high of 19,201.70. This strong performance marked the index's best quarterly gain of over 10.5% since the September quarter of 2021. Additionally, the benchmark achieved its best weekly results in over 11 months and extended its winning streak for the fourth consecutive month.

Market analysts attributed the upward trajectory to robust foreign inflows, moderate inflation levels, and consistent growth in corporate earnings. These factors contributed to the positive investor sentiment surrounding Indian equities.

Deepak Jasani, head of retail research at HDFC Securities, stated, "The current upward momentum could continue, and the 19,000-19,200 range could be the next resistance for the Nifty in the near term."

Midcap stocks also reached new record highs, while smallcaps remained close to their 52-week peaks. Among the 13 major sectoral indexes, 12 registered gains, with the IT and auto sectors leading the way, each experiencing growth of over 2%. The auto and bank indexes also reached all-time highs.

Auto giants such as Mahindra & Mahindra, Hero MotoCorp, and Maruti Suzuki emerged as top gainers in the Nifty 50 ahead of their June sales data announcements. Infosys, an IT powerhouse, witnessed a notable surge of over 3%. IT companies, which generate a significant portion of their revenue from US clients, were buoyed by strong economic data from the United States.

The upward revision of first-quarter US economic growth, an unexpected decline in jobless claims, and positive results from the Federal Reserve's stress test collectively assuaged concerns about the growth outlook for the world's largest economy.