Indian equity markets rallied on Friday, propelled by encouraging economic data from the US. The Sensex soared by 819 points, or 1.04%, closing at 79,705, while the Nifty climbed 250 points, or 1.04%, to finish at 24,367.
On the Bombay Stock Exchange (BSE), the day’s performance was largely positive, with 2,345 stocks advancing, 1,562 declining, and 99 remaining unchanged.
The significant drop in US jobless claims, which eased recession concerns and boosted global financial confidence, largely drove the uptick in market indices.
In particular, the small-cap and mid-cap segments saw notable gains.
The Nifty Midcap 100 index climbed 493 points, or 0.87%, reaching 57,174, while the Nifty Smallcap 100 index rose by 102 points, or 0.56%, ending at 18,410.
Despite global market volatility, domestic indices displayed notable resilience, driven by strong corporate earnings and positive future outlooks.
Key sectors such as auto, IT, PSU banks, financial services, pharma, real estate, media, and energy saw the most significant gains.
Market experts noted, “Encouraging US jobless claims data alleviated recessionary fears and positively influenced market sentiment.”
“The IT sector, in particular, performed well, anticipating increased spending. However, while sentiment remains positive, the lack of fresh economic triggers and subdued earnings might limit substantial gains. Investors are advised to shift focus from growth to value stocks to maintain market stability, they added.
At the opening bell, the market showed immediate strength. By 9:33 AM, the Sensex had gained 867 points, or 1.07%, to 79,730, and the Nifty was up 257 points, or 1.07%, at 24,374.
Overall, the day’s trading session reflected a cautiously optimistic outlook, with investors keeping a close eye on forthcoming corporate results and global economic developments.
Also Read: Indian Stock Markets Rally On Strong Global Cues; Sensex Surges 867 Points
Gautam Adani, along with his wife and Karan, participated in the Rath Yatra in Puri,…
PM Narendra Modi interacted with Group Captain Shubhanshu Shukla, the first Indian to reach the…
Gautam Adani, along with his wife Priti Adani and son Karan Adani, joined thousands of…
PM Narendra Modi on Saturday paid tribute to former Prime Minister PV Narasimha Rao on…
Gautam Adani conveyed profound spiritual emotions after witnessing the revered Rath Yatra of Lord Jagannath…
In a step towards diversifying India’s horticultural exports, Punjab has successfully shipped its first consignment…