Led by IT and metal stocks, bulls made a roaring comeback on Friday after being at the receiving end for five consecutive sessions.
Benchmark indices - Sensex and Nifty - advanced 1.6-1.7% each. The 30-stock pack Sensex rose 1293 points to close at 81,332 and Nifty climbed 429 points to settle at 24,834. During intraday deals, Nifty50 hit a new all-time high of 24,861.
Investors made a whopping Rs 7.1 lakh crore on Friday as the market capitalisation of all BSE-listed firms soared to Rs 456.92 lakh.
"This surge was fueled by improved sentiment following robust performances in IT and Metal stocks, as well as significant rollovers to the August series. Broader indices also reflected this strength, showing substantial gains. The current trend suggests that bulls are in control, and we are likely to see further advances in the coming sessions. However, it is advised to remain selective, focusing on index majors and large midcaps," said Ajit Mishra – SVP, Research, Religare Broking.
Vinod Nair, Head of Research, Geojit Financial Services, said that the domestic market experienced a substantial rebound at the start of the next month expiry, recovering from the recent losses incurred following the Union budget.
He added, "This upturn was driven by positive reactions to the better-than-expected US GDP, which augurs well for global demand. Investors are adopting buy on dip strategy, refocusing on quarterly earnings and stock-specific trends."
All sectors closed in the green on Friday.
The Nifty Metal index was the top performer, rising over 3%. This index’s majors JSW Steel, Tata Steel, Vedanta, and Hindalco made notable gains. Nifty Auto, Nifty Pharma, and Nifty IT soared over 2% each.
Bharti Airtel, Adani Ports, Tata Steel, JSW Steel, Infosys and Sun Pharma were the top gainers in the Sensex pack, rising up to 4.5%. FMCG major Nestle India was the only stock in the Sensex pack that closed in the red.
Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C Mehta Investment Interrmediates, said that the Nifty50 index formed a significant bullish candle on both the daily and weekly scales, indicating underlying strength. If the index sustains above 24,860, it may attempt to test the psychological level of 25,000.
2024-07-26T14:01:30Z dg43tfdfdgfd