Benchmark stock market indices gained sharply during Friday’s trading session, ending the week on a positive note after facing turbulence due to several factors.
A broad-based recovery in information technology (IT), financial, banking and energy stocks spearheaded the recovery. A sharp rebound in Adani Group stocks also added to the positive momentum.
The S&P BSE Sensex settled at 1961.32 points to 79,117.11 at the closing bell, while the NSE Nifty50 gained 557.35 points to end at 23,907.25. Towards the end of the trading session, the Sensex had gained over 2,000 points.
Most of the broader market indices also gained sharply during the session, reflecting the positive mood on Dalal Street.
Top stocks that contributed to the market rally were SBI, Bajaj Finance, Titan, ITC, TCS, Reliance, Infosys, ICICI Bank and HDFC Bank. Of the 50 stocks listed on the Nifty50, only Bajaj Auto ended in negative territory.
Vinod Nair, Head of Research, Geojit Financial Services, said, “The market witnessed a significant broad based rally, from the oversold territory, predominantly led by large-cap stocks, as their valuations appeared appealing with expectations of improvement in corporate earnings in the second half of the fiscal year.”
“Positive momentum was also observed in global markets, due to modest decline in Japan’s October inflation and 39 trillion yen stimulus package. Moderation in global & domestic political drama provided a relief to the domestic market,” he added.
Meanwhile, Vishnu Kant Upadhyay, AVP – Research and Advisory at Master Capital Services, said, “The key benchmark indices witnessed a significant rebound, with the Nifty50 gaining over 500 points and the BSE Sensex surging 2,000 points. This recovery was marked by a sharp rebound above the critical 200-day EMA, supported by strength in Banking and IT stocks.”
“Additionally, market sentiment was buoyed by exit polls from the Maharashtra election, indicating a likely victory for the Mahayuti alliance. This would mark the BJP-led NDA’s second consecutive state assembly win, following Haryana, which is seen as a positive signal for renewed government-led capital expenditure initiatives,” he added.
