Tracking gains from the global peers, Indian benchmark equity indices traded higher on Friday, led by index heavyweights Reliance Industries, HDFC Bank and TCS, with Nifty 50 hitting a record high for the fifth straight session.

The BSE Sensex was trading 114 points or 0.16% higher at 73,273. Nifty50 was trading at 22,258, up 41 points or 0.18% at around 9.20 am.

From the Sensex pack, Titan, HDFC Bank, Tech Mahindra, Wipro, and Reliance Industries opened with gains, while Bharti Airtel, Power Grid, Asian paints, Axis Bank, and Maruti opened with cuts.

Vodafone Idea shares rose over 8% in early trade after the board is scheduled to meet on February 27 to consider and evaluate options to raise funds through the equity route.

IRCTC shares jumped 3% after the company partnered with Swiggy for the delivery of pre-ordered meals booked by passengers through the corporation’s e-catering portal. During the initial stage, Swiggy will provide services to IRCTC customers at four railway stations – Bengaluru, Bhubaneswar, Vijayawada and Visakhapatnam.

On the sectoral front, Nifty Realty surged 1.4%, and Nifty IT rose 0.6%. Nifty Financial Services, Media, Metal, PSU Bank, and Consumer Durables also opened higher. In the broader market, Nifty Smallcap100 gained 0.6%, and Nifty Midcap100 rose 0.4%.

Experts View
“The steady climb of the Nifty setting records after records is an indication that the buy-on-dips strategy is working. This trend may continue. But very soon we are likely to have a days of sharp corrections when DIIs resort to some profit booking and FIIs continue to sell persuaded by the high US bond yields which are likely to remain high for sometime,” said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Fed rate cut expectations are much lower than at the beginning of this year. That too will start exerting pressure on the market, Vijayakumar added.

Deven Mehata, Research Analyst at Choice Broking, said, “Nifty can find support at 22,200 followed by 22,150 and 22,100. On the higher side, 22,350 can be an immediate resistance, followed by 22,400 and 22,500.”

Global Markets
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%.
FII/DII Tracker

Domestic institutional investors (DII) bought shares worth Rs 1,824 crore, on a net basis, on Thursday while foreign institutional investors (FII) offloaded stocks worth Rs 1,410 crore.

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