The Sensex and Nifty closed higher on Friday as concerns over an imminent United States Federal Reserve rate hike eased.
Profit-taking at elevated levels and persistent geopolitical tensions restricted the market’s gains.
The Sensex climbed 362.57 points, or 0.48 per cent, to finish at 76,515.43.
During the session, the 30-share index surged as much as 730 points, or 0.95 per cent, to reach 76,883.14. It touched an intraday low of 76,515.43, remaining 362 points, or 0.47 per cent, above the previous close.
The Nifty gained 24.25 points, or 0.10 per cent, to settle at 23,897.70. It reached an intraday peak of 24,005.75, rising 132 points, or 0.55 per cent.
The index later touched a low of 23,895.85, up 22 points, or 0.09 per cent.
Sectoral trends remained mixed during the session.
The Nifty Metal index led the gains after rising more than 1 per cent. Financial services excluding banking stocks followed among the leading performers.
In contrast, the Nifty IT index declined 0.47 per cent. Nifty Pharma fell 0.68 per cent, while Nifty Healthcare dropped 0.87 per cent.
The India VIX, which measures market volatility, declined 6.24 per cent to 10.63.
Analysts described the session as a relief rally after fears of an immediate Federal Reserve rate hike weakened.
Profit booking at higher levels and continuing geopolitical tensions in the Middle East limited the upside.
Analysts said expectations of a marginal decline in August core inflation could strengthen expectations of a pause in Federal Reserve rate hikes. This could, however, help contain volatility in bond yields.
Stock-specific and sector-specific buying remained visible across the broader market. Small-cap indices touched fresh intraday lifetime highs.
Experts said strong earnings momentum, resilient economic growth and robust domestic demand continue to support investor confidence.
The Indian rupee strengthened to 94.48, gaining 0.09 per cent. Fresh FCNR deposit inflows supported the currency by improving dollar liquidity.
Also Read: RBI May Resume Rate Hikes In FY27; Repo Rate Could Rise To 6%
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