Indian benchmark equity indices Sensex and Nifty extended their winning streak to the third consecutive session on Friday, driven by a rally in IT stocks and softer-than-expected US jobs data that tempered expectations of near-term monetary tightening by the Federal Reserve.
Sensex and Nifty Performance
The 30-share BSE Sensex climbed 261.79 points, or 0.34 per cent, to settle at 77,763.91. During intraday trading, it jumped 655.4 points, or 0.84 per cent, to touch a high of 78,157.52. The broader 50-share NSE Nifty rose 95.15 points, or 0.39 per cent, to close at 24,270.85.
Top Gainers and Laggards
From the Sensex pack, HCL Tech surged 5.79 per cent, followed by Tech Mahindra which climbed 1.81 per cent. Other winners included Bharti Airtel, Sun Pharma, Bajaj Finserv, UltraTech Cement, Tata Steel, Bajaj Finance, Tata Consultancy Services, and ICICI Bank. On the losing side, Axis Bank, State Bank of India, Mahindra & Mahindra, and Larsen & Toubro were among the laggards.
Global Market Cues
In Asian markets, South Korea's Kospi rebounded nearly 6 per cent. Japan's Nikkei 225, Shanghai's SSE Composite index, and Hong Kong's Hang Seng index also ended in positive territory. European markets traded on a mixed note. In the US, the Dow Jones Industrial Average surged 1.14 per cent, while the Nasdaq Composite declined 0.80 per cent, and the S&P 500 ended flat.
Expert Commentary
"Domestic markets closed the session higher, despite intermittent volatility and profit-booking, aided by supportive global cues and growing expectations of a more accommodative global rate environment following softer US labour market data," said Vinod Nair, Head of Research at Geojit Investments Ltd. He added, "Sentiment was further lifted by positive outcomes from the India-Japan Summit and continued recovery in the IT sector." Nair noted that softening crude oil prices remain a key macro tailwind, supporting the inflation outlook, external balances, and overall economic stability.
Other Market Indicators
Brent crude, the global oil benchmark, edged up 0.24 per cent to USD 71.97 per barrel. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 311.82 crore on Thursday, according to exchange data. On Wednesday, the Sensex had jumped 579.48 points, or 0.75 per cent, to end at 77,502.12, while the Nifty rallied 169.85 points, or 0.71 per cent, to settle at 24,175.70.
