On Friday, the benchmark Sensex displayed a robust recovery, surging by 496 points, while the Nifty successfully closed above the 21,600 mark. This reversal came as a result of value buying in heavyweight stocks and a positive trend in global markets, putting an end to three consecutive days of losses.
The 30-share BSE Sensex made an impressive jump of 496.37 points, settling at 71,683.23, marking a 0.70% increase. In the course of the day, it soared by 708.78 points or 0.99%, reaching 71,895.64. The Nifty, on the other hand, climbed by 160.15 points or 0.75%, closing at 21,622.40, with 43 of its shares in the green and seven in the red.
Over the previous three days, the BSE benchmark had experienced a 2.91% decline, and the Nifty had seen a 2.87% drop. Vinod Nair, Head of Research at Geojit Financial Services, attributed the market's recovery to a strategy of 'buying on dips' and positive global cues. Despite the broad-based rebound, investors remain cautious, anticipating a moderation in the rally, given concerns about unyielding interest rates and potential slowing domestic earnings growth based on Q3 results.
Among the Sensex constituents, Bharti Airtel led the gains with a 3.52% rise, followed by NTPC (3.04%) and Tech Mahindra (2.56%). Major gainers also included Mahindra & Mahindra, Tata Steel, UltraTech Cement, Titan, Axis Bank, JSW Steel, ICICI Bank, and Larsen & Toubro. However, HDFC Bank sustained its losses for the fourth consecutive day, dropping by 1.08%, with a cumulative decline of around 10% in the four sessions following the release of its third-quarter financial results.
The broader market demonstrated strength, with the BSE midcap gauge rising by 1.69% and the smallcap index climbing 1.06%. All sectoral indices ended on a positive note, with oil & gas surging by 2.17%, metal by 1.69%, industrials by 1.62%, energy by 1.58%, commodities by 1.44%, teck by 1.29%, and IT by 1.06%.
For the week, the BSE benchmark and Nifty witnessed declines of 1.21% (885.22 points) and 1.24% (272.15 points), respectively. In Asian markets, Seoul and Tokyo closed in the green, while Shanghai and Hong Kong experienced losses. European markets were trading higher, and the US markets concluded Thursday with gains.
The global oil benchmark, Brent crude, saw a 0.63% increase, reaching USD 79.60 per barrel. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 9,901.56 crore on Thursday, as reported by exchange data.
(With Agency Inputs)
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