Benchmark indices continued to create fresh records on strong buying in heavyweights amid a positive undertone because of the advancement of the monsoon and prospects of recession diminishing in the US.

The Sensex surged 803.14 points or 1.26 per cent to end at its lifetime closing high of 64718.56 on Friday.

Intra-day, it shot up 853.16 points or 1.33 per cent to touch a record intra-day peak of 64768.58.

Records were also created on the NSE with the broader Nifty gaining 216.95 points or 1.14 per cent to end at a new high of 19189.05.

During the day, it rallied 229.6 points or 1.21 per cent to reach a peak of 19201.70.

The 30-share BSE Sensex has jumped 1739.19 points or 2.76 per cent for the week, while the Nifty has risen 523.55 points or 2.80 per cent.

The rally has resulted in the market capitalisation of BSE-listed firms hitting an all-time high of Rs 296.48 lakh crore.

Market mavens attribute the bullishness to continued buying from foreign portfolio investors (FPIs).

They have invested over Rs 61,600 crore in 2023, of which Rs 32,344 crore has come in June.

They were sellers during the first two months of 2023 after which there has been a turnaround.

Analysts said bullish investors are braving rich valuations on optimism over India’s strong macro-economic fundamentals.

Moreover, while there were concerns over the progress of the monsoon, the latest reports have reduced the worries.

“Investors remain positive about the long-term prospects of the domestic market dueto healthy macroeconomic indicators while global cues are also improving as concerns over a recession in the US ease.

“The US economy showed much stronger-than-expected growth in the first quarter than previously thought. Gross domestic product increased at a 2 per cent annualised pace for the January-through-March period, up from the previous estimate of 1.3 per cent,’’ Devarsh Vakil, deputy head — of retail research, HDFC Securities said.

While market circles say investors are beginning to show interest in IT stocks, auto major Mahindra & Mahindra was the best performer in the Sensex pack, rising over 4 per cent.

It was followed by Infosys, IndusInd Bank, Tata Consultancy Services and Maruti, which rose up to 3.21 per cent.

SGX Nifty

International investors will continue to trade through Singapore Exchange (SGX Group) in Nifty as the $7 billion open interest contract will be relaunched at GIFT City from July 3, following 22 years of success in Singapore.

This collaboration is significant given it is the first cross-border initiative in connecting India and Singapore’s capital markets.

“The SGX group will continue to provide international access to USD-denominated Nifty contracts, which has been re-christened GIFT Nifty starting July 3, alongside other SGX derivatives,” Janice Kan, head of markets equities at SGX Group, said on Friday.