Nifty Hits Record High, Steel Stocks Surge

Benchmark indices opened the day higher once again in trade, with the Nifty hitting a new record high of 15,432 points in trade. The Nifty was up around 90 points, while the Sensex surged 300 points in early trade. Global markets were extremely strong with Asia following cues from across the US.

U.S. stocks advanced on Thursday, as data showing improvement in the labor market helped bolster expectations of an economic recovery.

Back in Asia markets rose on Friday with the Hong Kong's Hang Seng index advancing 0.56%. In Japan, the Nikkei 225 jumped nearly 2% while the Topix index gained 1.70%. South Korea's Kospi to was trading higher.

Back home steel stocks were in the limelight following hopes of a solid recovery in the global economy. Tata Steel shares were up more than 4 per cent, while JSW Steel gained almost 3.6 per cent in early trade.

Hindalco and Grasim were the other top Nifty gainers in trade. Pharma stocks were exhibiting weakness with Cipla, Sun Pharma and Dr Reddy's among the early losers.

Today is also the first day of trading for the new F&O series and Indian markets are likely to move in tandem with global markets.