Sensex, Nifty Post Biggest Single-Day Gain In Four Weeks: Market Wrap
The Sensex closed 900 points higher, or 1.53%, at 59,808.97, while the NSE Nifty 50 ended 273 points up, or 1.57%, at 17,594.35.
India's benchmark stock indices ended the day with more than 1.50% gains, which was the biggest single-day advance in four weeks.
European shares rose on Friday as investors took comfort in underlying economic strength, starting March on a high note. The S&P 500 futures steadied after the underlying index on Thursday posted its biggest gain in more than two weeks on renewed hopes of Fed policy pivot.
The S&P BSE Sensex closed 900 points higher, or 1.53%, at 59,808.97, while the NSE Nifty 50 ended 273 points up, or 1.57%, at 17,594.35.
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Adani Enterprises Ltd., Adani Ports and Special Economic Zone Ltd., State Bank of India, Bharti Airtel Ltd., SBI Life Insurance Co., Reliance Industries Ltd., ITC Ltd., Tata Steel Ltd., IndusInd Bank Ltd., and HDFC Bank Ltd. were the top gainers in the gauge.
Tech Mahindra Ltd., UltraTech Cement Ltd., Cipla Ltd., Divi's Laboratories Ltd., and Asian Paints Ltd. were the top losers among the NSE Nifty 50 constituents.
Shares of Adani Group companies rallied on Friday. All the stocks ended higher for the third straight day, since the release of U.S. short-seller Hindenburg Research's report on Jan. 24.
After snapping its eight-day-long losing run on Wednesday, the markets ended higher on a weekly basis.
The Nifty logged a weekly gain of 0.74%, whereas the Sensex rose 0.58% this week. Last week, the Sensex declined 2.52% and the Nifty fell 2.67% on a weekly basis.
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Nifty PSU Bank was the top sectoral performer this week, followed by Nifty realty, metal, and bank.
Nifty I.T. and pharma, along with Nifty Auto, were the losers for the week.
The broader market indices traded higher, with the S&P BSE MidCap rising 0.58% and the S&P BSE SmallCap gaining 0.68% at close of market on Friday.
All the 20 sectors compiled by BSE Ltd. advanced, with S&P BSE Bankex, S&P BSE Financial Services and S&P BSE Utilities gaining the most.
The market breadth was tilted in favour of bulls. About 2,183 stocks rose, 1,331 declined, and 125 remained unchanged on the BSE.
Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
