Closing Bell: Nifty 50 At Fresh Peak As Bank, IT, Metal, Power Stocks Rally | 5 Factors That Fuelled Rally

Closing Bell: Dalal Street celebrated the arrival of the new year 2026 with a bang as Nifty 50 scaled fresh high marks in the first week of the year. Meanwhile, BSE Sensex also surged close to its record-high mark. Nifty 50 touched an all-time high of 26,340 points on Friday, January 2.

BSE Sensex also surged nearly 573 points to close at 85,762 points. The strong momentum in Nifty 50 was led by bullish movement in top large-cap stocks like Reliance Industries Limited (RIL), etc.

Nifty 50 At Record High Mark | 5 Factors That Fuelled The Indian Stock Market Rally

RIL Share Price Jumps

Reliance Industries Limited (RIL) shares surged on Friday as multiple analysts and brokerage firms revised their target price for the large cap stock. RIL shares surged nearly 1.11% higher to close at Rs 1592.45 per share on BSE with a market capitalisation of Rs 21,54,978.60 crore on Friday. The stock had touched an intraday high of Rs 1594.45 per share and an intraday low of Rs 1578 per share.

IT Stocks Lead The Gain

The Information & Technology (IT) sector stocks surged during Friday's intraday trade. Nifty IT ended 0.39% higher. Infosys, Wipro, TCS, HCL Tech, Tech Mahindra were among the top gainers.

Nifty Bank At All-Time High

Apart from IT sector stocks, Nifty Bank was among the top performing sector during Friday's intraday trade. Nifty Bank had closed around 0.74% higher. The index had touched an all-time high of 60,203.75 points. Nifty Bank rally was fuelled by the bullish momentum in bank stocks like Yes Bank, Union Bank, SBIN, Bank of Baroda, PNB, IndusInd Bank, etc.

Metal Sectors Continue To Shine

Among Nifty50 components, metals and public sector names did well, as Hindalco Industries, Coal India and Bharat Electronics emerged as top gainers with advances of up to 2 percent, whereas ITC and Bajaj Auto slipped as the main laggards with cuts of up to 4 percent, highlighting selective profit taking even as overall sentiment remained constructive in stock market today.

FII-DII Trend, Currency Performance

Domestic institutional investors remained steady buyers and helped counter foreign selling pressure in stock market today, with Ponmudi R, CEO of Enrich Money, noting that "Steady domestic institutional inflows continue to provide broader support, helping offset aggressive selling by foreign investors," while G Chokkalingam of Equinomics Research told Reuters that "The monthly sales data from auto companies as well as business updates from other sectors signal a likely improvement in December quarter earnings, lifting markets...".

Currency trading stayed calm, as the rupee moved in a tight band during morning deals and later appreciated by 6 paise to 89.92 against the US dollar, with forex traders saying the USD/INR pair should stay range-bound because the Reserve Bank of India was seen protecting the 90 level, even while foreign fund outflows partly offset support from firm domestic equities.