Bulls take Sensex past 55,000, index rallies 600 pts as heavyweights gain

The latest positive global sentiment has helped the markets shrug off the underwhelming June quarter results, earnings downgrades, and the possibility of further downgrades

India’s benchmark indices hit new highs on Friday, capping another strong week, as investors’ risk appetite improved amid signs of US inflation peaking.

The Sensex rose 593.31 points, or 1.1 per cent, to close at 55,437, while the Nifty50 index advanced 165 points, or 1 per cent, to 16,529. Both indices added around 2 per cent each during the week after rallying more than 3 per cent in the last week.

Investors increased their equity wager on the hopes that the softening of inflation would enable the US Federal Reserve to delay the tapering of asset purchases.

Strong buying interest in bluechip stocks