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Mumbai: Indian stock markets on Friday hit a fresh record high on dovish remarks by the Federal Reserve chief. Better-than-expected earnings by Indian IT firms also boosted sentiments.

Sensex hit a fresh record high of 53,290.81 points, while Nifty touched an all-time high of 15962.25. At 9.50 am, the benchmark Sensex was up 0.2% at 53,273 points, while Nifty rose 0.2% to 15957 points.

Fed chairman Jerome Powell defended the central bank's accommodative stance in the face of uncomfortably high inflation. Analysts said the dovish remark, despite a surge in inflation, should offer comfort to global equities, including India.

"Equity market is cheering positive macro data points both on global and domestic front which is giving confidence to the investors of an economic rebound," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial .

China reported GDP growth at 7.9% in Q2 of CY21 and industrial output growth of 8.3% in June.

"Market so far has been showing strong resilience even though it faced several headwinds. Q1FY22 earnings season has started off on a strong note and is providing support to the market. Since restrictions this time around were localized and less stringent v/s the lockdown in CY20, the impact in 1QFY22 seems to be contained. We expect earnings momentum to accelerate in FY22 as the pace of vaccinations picks up and the economy opens up further," Khemka added.

Investors are cautious amid higher crude prices, spread of delta plus covid variants globally and weakening of the rupee as these could be near-term risks for markets.

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