Indian equity benchmarks, the Sensex and Nifty, rebounded and closed nearly 1 per cent higher on Friday, ending a three-session losing streak. The gains were driven by notable performances from key players like HDFC Bank, Reliance Industries, and Infosys, supported by a generally positive trend in global markets.
The 30-share BSE Sensex, after declining for three consecutive days, surged by 480.57 points or 0.74 per cent to settle at 65,721.25. During the trading session, it rose by 558.59 points or 0.85 per cent, reaching 65,799.27.
Likewise, the NSE Nifty displayed strength, advancing 135.35 points or 0.70 per cent to close at 19,517.
Despite the recovery, both benchmark indices posted weekly losses, with the BSE Sensex falling by 438.95 points or 0.66 per cent, and the Nifty slipping by 129.05 points or 0.65 per cent.
Religare Broking’s SVP of Technical Research, Ajit Mishra, commented on recent market movements. The Nifty rose by over half a percent, with IT, pharma, and banking sectors showing gains. The broader indices also increased by almost one percent.
IndusInd Bank emerged as the top gainer in the Sensex pack, rising by 3.25 per cent, followed by Tech Mahindra, Wipro, Bharti Airtel, HCL Technologies, Axis Bank, HDFC Bank, Reliance Industries, TCS, L&T, and Infosys.
On the other hand, State Bank of India, NTPC, Maruti, Bajaj Finserv, Tata Motors, and Power Grid were among the laggards, slipping by up to 2.94 per cent.
Analysts attributed the market’s bounce-back to a rating upgrade by Morgan Stanley, acknowledging India’s resilience in a sluggish global economy. Despite a recent global sell-off triggered by Fitch Ratings’ downgrade of the US government credit, India’s robust economic performance in the last few quarters has kept domestic equity markets attractive for investors, leading to support and renewed interest in the market after short-term corrections. Amol Athawale, Vice President – Technical Research at Kotak Securities Ltd, affirmed this sentiment.
As investors navigate market volatility and global economic uncertainties, Indian markets are positioning themselves as a bright spot, drawing attention and demand from both domestic and international investors.
