Indian benchmark indices Sensex and Nifty surged over 1 per cent, propelled by robust buying in banking and financial counters and a positive global market sentiment, as investors anticipate progress in US-Iran negotiations.
Photograph: Utpal Sarkar/ANI Photo
Sensex and Nifty50 Rally: Key Highlights from Today’s Market
- The Sensex surged 918.60 points (1.20 per cent) to 77,550.25, while the Nifty climbed 275.50 points (1.16 per cent) to 24,050.60.
- The market rebound was primarily driven by strong buying in banking, auto, and financial stocks, with Asian Paints, ICICI Bank, and M&M among top gainers.
- Investor sentiment was boosted by positive global cues, including hopes for progress in US-Iran negotiations and a constructive sentiment across US, European, and Asian markets.
- Despite the overall positive trend, IT counters like Sun Pharma, Infosys, and TCS saw some profit booking.
- Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,711.19 crore, while Domestic Institutional Investors (DIIs) bought stocks worth Rs 955.90 crore.
Stock market benchmark indices Sensex and Nifty surged over 1 per cent on Friday, propelled by buying in banking counters and a positive trend in global equities.
Investor sentiment improved amid hopes of further easing in the West Asia crisis ahead of US-Iran negotiations and lower crude prices, analysts said.
Market Performance Highlights
After staying in the positive territory throughout the day, the 30-share BSE Sensex later jumped 918.60 points or 1.20 per cent to settle at 77,550.25. During the day, it surged 990.85 points or 1.29 per cent to 77,622.50.
The 50-share NSE Nifty climbed 275.50 points or 1.16 per cent to end at 24,050.60.
The positive trend was led by buying in banking, auto and financial stocks, while IT counters saw some profit booking after TCS’ financial results.
Sector-Wise Performance and Top Gainers Today
From the 30-Sensex firms, Asian Paints, ICICI Bank, Mahindra & Mahindra, InterGlobe Aviation, Axis Bank and State Bank of India were the major gainers.
On the other hand, Sun Pharma, Infosys, Tata Consultancy Services, Tech Mahindra and HCL Tech were the laggards.
Global Market Trends and Expert Insights
In Asian markets, South Korea’s benchmark Kospi, Japan’s Nikkei 225 index, Shanghai’s SSE Composite index and Hong Kong’s Hang Seng index ended higher.
European markets were trading in positive territory.
US markets ended higher on Thursday.
“Indian equity markets closed the week’s final session on a positive note, with the Nifty experiencing a range-bound session with a bullish bias, gaining over 1 per cent as investors carefully priced in expectations of progress from the upcoming US-Iran negotiations, even as the ceasefire continued to remain uncertain.
“However, markets maintained a firm undertone,” Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm, said.
Global markets shared a similarly constructive sentiment, with the US, European, and Asian indices all in the green zone, with Asian markets leading the gains, he added.
Brent crude, the global oil benchmark, climbed 0.57 per cent to $96.47 per barrel.
Investor Activity
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,711.19 crore on Thursday, according to exchange data. Domestic Institutional Investors (DIIs), however, bought stocks worth Rs 955.90 crore.
