Indian stock market benchmark indices, Sensex and Nifty, rebounded strongly, closing higher on Friday, primarily driven by robust buying in blue-chip banking shares and an overall positive sentiment from global markets.
Key Points
- Indian benchmark indices, Sensex and Nifty, closed higher, reversing previous session's declines.
- Blue-chip bank shares, including Axis Bank, ICICI Bank, HDFC Bank, and Kotak Mahindra Bank, were major contributors to the market's rebound.
- Positive global market trends and hopes for progress in US-Iran peace negotiations fuelled investor optimism.
- Asian and European markets also traded in positive territory, reflecting a broader global rally.
- Foreign Institutional Investors (FIIs) continued to offload equities, selling Rs 1,891.21 crore in the previous session.
Stock market benchmark indices ended higher on Friday, helped by buying in blue-chip bank shares and a rally in global peers.
Hopes of progress in the US-Iran peace negotiations also added to markets' optimism.
Market Performance Overview
The 30-share BSE Sensex climbed 231.99 points, or 0.31 per cent, to settle at 75,415.35.
During the day, it surged 627.61 points, or 0.83 per cent, to 75,810.97.
The 50-share NSE Nifty edged higher by 64.60 points or 0.27 per cent to end at 23,719.30.
Top Performers and Laggards
From the 30-Sensex firms, Trent, Axis Bank, ICICI Bank, Asian Paints, Hindustan Unilever, HDFC Bank, Kotak Mahindra Bank and Bajaj Finance were among the major winners. Sun Pharma, ITC, Power Grid and Bharat Electronics were among the laggards.
"Domestic markets traded with a a mild positive bias, supported by buying at lower levels and moderately constructive global cues expecting easing tensions in the Middle East.
"Globally, the AI investment theme remained the primary driver, while domestically financial stocks led the gains," said Vinod Nair, Head of Research, Geojit Investments.
Global Market Trends and Oil Prices
Brent crude, the global oil benchmark, climbed 2.3 per cent to USD 104.7 per barrel. In Asian markets, South Korea's benchmark Kospi, Japan's Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng index ended higher.
FII Activity and Previous Session's Close
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,891.21 crore in the previous session, according to exchange data.
