Sensex and Nifty finished at a higher level today.
New Delhi:
Indian stock benchmarks made a strong comeback on Friday after falling sharply in the previous session, led by gains in metals and pharma stocks. The relief came as Asian stocks jumped after China lowered a key credit benchmark to support a slowing economy.
The 30-share BSE Sensex climbed 1,534 points, or 2.91 percent, to close at 54,326, while the broader NSE Nifty fell 457 points, or 2.89 percent, to settle at 16,266.
The market capitalization of BSE-listed companies increased by Rs 5,05,143.44 crore to Rs 2,54.11,537.52 crore.
Mid and small cap stocks ended strong as Nifty Midcap 100 rose 2.20 percent and small cap gained 2.51 percent.
All 15 sector gauges – compiled by the National Stock Exchange – came in green. The sub-indexes Nifty Metal and Nifty Pharma outperformed the index with increases of 4.20 percent and 3.69 percent, respectively.
On the stock-specific front, Dr. Reddy’s topped the charts as the stock rose 7.60 percent to Rs 4,228. Reliance Industries, Adani Ports, JSW Steel and Tata Motors were also among the winners.
Overall market size was positive with 2,497 shares moving up, while 777 fell on BSE.
All Sensex ingredients ended with a profit. On the 30-share BSE index, Dr. Reddy’s, RIL, Nestle India, Tata Steel, L&T, Axis Bank, IndusInd Bank, Sun Pharma, SBI, HDFC, ICICI Bank and Hindustan Unilever among the top winners.
Meanwhile, shares of Life Insurance Corporation of India (LIC) plunged 1.72 percent to close today at Rs 826.25. LIC made a lukewarm debut on the exchanges on Tuesday, trading at a discount of 8.62 percent off the issue price of Rs 949.
“The market reversed completely from Thursday’s slump as bargain hunts boosted domestic sentiment following the recent crash and recovery in other Asian indices,” said Amol Athawale, Deputy Vice President – Technical Research, Kotak Securities.
Investors expect markets to remain volatile due to global factors. Global equities are under pressure from the war between Russia and Ukraine and aggressive rate hikes going forward to curb rising inflation.
