The benchmark BSE Sensex rebounded by 362 points, snapping a four-day losing streak, driven by a strong rally in metal, private banking, and oil and gas shares amidst positive global market sentiment.
Photograph: Shailesh Andrade/Reuters
Key Points
- The BSE Sensex climbed 362.57 points, or 0.48 per cent, to settle at 76,515.43, breaking a four-day losing streak.
- The NSE Nifty rose modestly by 24.25 points, or 0.10 per cent, to end at 23,897.70, paring some intraday gains.
- Major gainers included Tata Steel, Reliance Industries, Bajaj Finance, and HDFC Bank, while Bharti Airtel and HCL Technologies were among the laggards.
- Indian equities saw a relief rally as concerns over a US Fed rate hike eased, though profit booking and geopolitical tensions capped gains.
- Foreign Institutional Investors offloaded equities worth Rs 2,345.87 crore, while Domestic Institutional Investors remained net buyers.
Benchmark BSE Sensex rebounded by 362 points on Friday, cutting short its four-day losing streak on buying in metal, private banking and oil and gas shares amid gains in global stock markets.
The 30-share BSE Sensex climbed 362.57 points, or 0.48 per cent, to settle at 76,515.43 with 20 of its constituents ending higher and 10 with losses.
The barometer surged as much as 730.28 points, or 0.95 per cent, during the day to hit an intraday high of 76,883.14.
Nifty’s Performance and Market Movers
The broader NSE Nifty, however, saw a modest rise of 24.25 points, or 0.10 per cent, to end at 23,897.70.
The index traded higher for most of the session and breached 24,000 level to hit a high of 24,005.75 intra-day, up by 132 points.
However, it pared gains in the newly introduced Closing Auction Session, settling with modest gains.
Among the Sensex constituents, Tata Steel, Reliance Industries, Bajaj Finance, Trent, Adani Ports, HDFC Bank, Kotak Mahindra Bank, UltraTech Cement, Titan, Mahindra & Mahindra and Hindustan Unilever were the major gainers.
Bharti Airtel, HCL Technologies, Eternal, Asian Paints, Tata Consultancy Services, Tech Mahindra, Sun Pharmaceuticals, ICICI Bank, Bharat Electronics Ltd and Maruti Suzuki India were among the laggards.
Analyst Insights and Global Cues
“Indian equities witnessed a relief rally as concerns over an imminent U.S. Fed rate hike eased. However, gains remained capped due to profit booking at higher levels and persistent geopolitical tensions in the Middle East,” said Vinod Nair, Head of Research at Geojit Investments Ltd.
On the domestic front, stock- and sector-specific buying remained evident across the broader market, with small-cap indices touching fresh intraday lifetime highs, he said.
“Strong earnings momentum, resilient economic growth, and robust domestic demand continue to underpin investor confidence in the broader market,” Nair added.
In Asian markets, Hong Kong’s Hang Seng rose 1.74 per cent, South Korea’s KOSPI advanced 1.64 per cent, and Japan’s Nikkei 225 settled 1.28 per cent higher.
Shanghai’s SSE Composite index ended 0.30 per cent lower.
Oil Prices and Investor Activity
Brent crude, the global oil benchmark, fell 0.40 per cent to $95.14 per barrel.
Foreign Institutional Investors offloaded equities worth Rs 2,345.87 crore on Thursday. Domestic Institutional Investors, however, remained net buyers, purchasing equities worth Rs 4,977.46 crore, according to exchange data.
