Mumbai:
The Indian stock market closed in the green in Friday’s trading session after two consecutive days of decline. At the end of the day, Sensex was at 72,472.33 with a gain of 879.09 points or 1.23 percent and Nifty was at 22,520.45 with a gain of 288.65 points or 1.30 percent.
IT shares supported the buying in the session. Among the indices, Nifty IT was the top gainer with a gain of 3 percent. Apart from this, Nifty FMCG, Nifty PSU Bank, Nifty Services, Nifty Consumption, Nifty Auto, Nifty Financial Services, Nifty Private Bank, Nifty Metal, Nifty Healthcare, Nifty Realty and Nifty Commodities closed in the green. Only Nifty Oil & Gas closed in the red.
Many shares including Adani Ports rose
Buying was seen in midcap and smallcap along with largecap. Nifty Midcap 100 index closed at 58,787.30 with a rise of 904.80 points or 1.56 percent and Nifty Smallcap 100 index closed at 19,153.70 with a rise of 103.60 points or 0.54 percent.
ITC, TCS, Adani Ports, Infosys, HCL Tech, L&T, HDFC Bank, UltraTech Cement, SBI, Bajaj Finserv, Power Grid, Maruti Suzuki, Tech Mahindra, Trent, Tata Steel, HUL, Titan, Axis Bank, Asian Paints, M&M, Indigo, NTPC, Bharti Airtel and Bajaj Finance were the gainers in the Sensex pack. Only Reliance Industries was the loser.
The reason behind the rally in the market
Experts said that after the recent heavy fall, a relief rally was seen in the domestic equity market on the basis of value buying and short covering. IT stocks outperformed on a strong start to the second-quarter earnings season and growing confidence in AI-based earnings opportunities.
He further said that this sentiment was also helped by a reduction in geopolitical concerns; Indications that any possible US military action against Iran is less likely before the mid-term elections have led to a softening of crude oil prices.
FII selling is a big concern
However, continued FII withdrawals and high levels of global bond yields are keeping recovery hopes under pressure. Following RBI’s ‘calibrated tightening’ stance, investors are now awaiting domestic CPI data due on Monday for further signals on interest rate movements. Going forward, the performance of second quarter results will play an important role in determining the sustainability of the market recovery.
Source: ndtv.in
