Sensex Stages Strong Recovery, Rises 362 Points, Nifty Ends Higher

Benchmark equity indices staged a recovery on Friday, with the BSE Sensex rising 362.57 points, or 0.48 per cent, to close at 76,515.43, snapping a four-session losing streak. Gains were led by buying in metal, private banking, and oil and gas stocks amid positive global market cues.

The 30-share Sensex surged as much as 730.28 points, or 0.95 per cent, during the session to hit an intraday high of 76,883.14. Of its 30 constituents, 20 closed higher while 10 ended in the red.

The NSE Nifty gained 24.25 points, or 0.10 per cent, to settle at 23,897.70. The broader index crossed the 24,000 mark during the session, touching 24,005.75, before paring gains during the newly introduced Closing Auction Session.

Among Sensex stocks, Tata Steel, Reliance Industries, Bajaj Finance, Trent, Adani Ports, HDFC Bank and Kotak Mahindra Bank were among the major gainers. Bharti Airtel, HCL Technologies, Eternal, Asian Paints, TCS and Tech Mahindra were among the laggards.

“Indian equities witnessed a relief rally as concerns over an imminent U.S. Fed rate hike eased,” said Vinod Nair, Head of Research at Geojit Investments. However, gains were capped by profit booking at higher levels and continued geopolitical tensions in the Middle East.

Asian markets provided support, with Hong Kong’s Hang Seng rising 1.74 per cent, South Korea’s KOSPI gaining 1.64 per cent and Japan’s Nikkei advancing 1.28 per cent. Shanghai’s SSE Composite declined 0.30 per cent, while European markets remained largely flat.

Brent crude fell 0.40 per cent to USD 95.14 per barrel. Foreign Institutional Investors sold equities worth Rs 2,345.87 crore on Thursday, while Domestic Institutional Investors bought shares worth Rs 4,977.46 crore.

On Thursday, the Sensex had fallen 417.49 points and the Nifty declined 41 points, marking their fourth consecutive session of losses.