IT, auto stocks help Indian shares hit new highs

📆 30/06/2023 12:03 p. m.
📰 Reuters

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Information technology (IT) and auto stocks helped India's benchmark indexes hit fresh record highs on Friday, after robust economic data from the United States eased fears of a slowdown and improved broader sentiment.

has risen over 10.5% in the three months ended June 30, its best performance since the September quarter of 2021.The benchmark also logged its best week in over 11 months and extended gains for the fourth month in a row.

Analysts cited strong foreign inflows, cooling inflation, and steady corporate earnings growth as key reasons for the rise in Indian equities. "The current upward momentum could continue and the 19000-19200 band could be the next resistance for the Nifty in the near term", said Deepak Jasani, head of retail research at HDFC Securities.

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