The Indian equity market closed higher on Friday following a strong rally in global markets. Slowing of consumer inflation in the US buoyed sentiment on key indices across the world. Strong buying in IT and metal stocks also supported sentiment. Sensex zoomed 1181 points to end at 61,795 and Nifty climbed 321 points to 18,349. Of 30 Sensex stocks, 22 ended in green.
Top Sensex gainers were HDFC (5.84%), HDFC Bank (5.62 per cent), Infosys (4.51 per cent), Tech Mahindra (3.64 per cent), HCL Tech (3.56 per cent) and TCS (3.43 percent).
M&M (0.83 per cent), SBI (0.76 per cent), Kotak Bank (0.73 per cent), ICICI Bank (0.42 per cent) and NTPC (0.38 per cent) were among the top Sensex losers.
Market cap of BSE-listed firms rose to Rs 284.46 lakh crore today against Rs 281.61 lakh crore in the previous session. Market breadth was positive with 1,824 shares closing higher against 1,630 stocks falling on BSE. 147 shares were unchanged.
Midcap and small cap indices on BSE gained 37 points and 95 points, respectively. Banking, auto, oil and gas and metal shares were the top sectoral gainers with their BSE indices rising 465 points, 373 points, 242 points and 210 points, respectively.
Anmol Das, Head of Research, Teji Mandi said, "With the benchmark indices touching 52 week highs and the Nifty Bank Index touching new all time highs, we remain cautiously optimistic advising investors to be agile and aware of the recent and upcoming macroeconomic events in order to make dynamic decision-making both ways. In the event of a sustainable rally and not to miss out on such opportunities, we advise to stay invested within the same portfolio while making stock specific decisions as per Q2 earnings. However, at these levels, we are equally aware of the downside of new stock entries as the earnings season is coming to an end, and there may be some profit booking in many sectors that have rallied significantly over the past couple of months. However, with a delinked view from the global economic scenario, the domestic economy has performed much better than expected in the 2nd quarter results, which will help the very fundamental valuations of Indian equities look more attractive than their global peers."
IT, banking and metal shares were the top gainers with their BSE indices zooming 1060 points, 446 points and 473 points, respectively. Foreign institutional investors (FIIs) were the net buyers on Thursday as they bought shares worth Rs 36 crore, as per exchange data.
Meanwhile, the rupee rose 62 paise to close at 80.78 against the US dollar on Friday, as moderating US CPI data coupled with a fall in the dollar index boosted investor sentiments.
The Indian equity market closed lower on Thursday led by selling in consumer durables, auto and banking shares amid a weak trend in global equities. Sensex closed 420 points lower at 60,613 and Nifty fell 129 points to end at 18,028. Of 30 Sensex stocks, 24 ended in the red.
In Asian markets, Hong Kong's Hang Seng gained 7.70 per cent while the Nikkei in Tokyo surged 2.98 per cent. In Seoul, the Kospi rose 3.37 per cent. The Shanghai Composite index 1.69 rallied per cent.
Equity exchanges in Europe were also trading in the green in the afternoon session. Stock exchanges in the US ended with significant gains on Thursday. US market rallied after the US consumer price index eased to 7.4 per cent in October from 8.2 per cent in September. The current US inflation data points to an early end of the interest rate hike cycle.
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