The S&P BSE 500 index hit a record high on Friday after strong rally in select private sector banks, pharmaceutical and automobile stocks.

At 10:28 am; the S&P BSE 500 index was up 0.48% or 57 points at 12,064 points. It touched new high of 12,127 points during intra-day trade, surpassing its previous high of 12,105 hit on February 9, 2017.

Since December 26, from its recent low, the S&P BSE 500 index has outperformed the market by surging 13.4% as compared to 10% rise in the benchmark S&P BSE Sensex.

HDFC Bank and IndusInd Bank from the private sector bank, Cadila Healthcare, Biocon and Alkem Laboratories from pharmaceutical and TVS Motor Company and Escorts from the automobile sector from the BSE500 index were trading at their record highs.

S&P BSE 500 index represents nearly 92% of the total market capitalization on BSE. S&P BSE 500 covers all 20 major industries of the economy.

Among the individual stocks, HDFC Bank has rallied 9% to Rs 1,450, also its record high of the BSE in intra-day trade, after the Reserve Bank of India (RBI) removed restrictions placed on purchase of bank shares by foreign portfolio investors.

Source: business-standard.com