Market Snaps 5-days Losing Streak; Robust Buying Across All Indices

The Indian stock market displayed it's strength in the Friday trading session after the robust buying occurred across all the indices amid corporate earnings.

The National Stock Exchange (NSE) Nifty 50 index ended 1.76 per cent higher at 24,834 whereas the S&P Bombay Stock Exchange (BSE) Sensex settled 1,292 points or 1.62 per cent higher at 81,332 levels on the closing bell. 

Nifty Moves

In the Nifty 50 index, a whopping 47 stocks advanced in the positive territory and merely 3 stocks ended in the red territory.

Among the winners, Shriram Finance gained 9.18 per cent as its profit increased on robust loan demand. Pharma stocks, Divis Labs and Cipla ended above 5 per cent, while Bharti Airtel and Apollo Hospitals ended with more than 4 per cent gains. 

Among the losers, ONGC lost 1.25 per cent, while Tata Consumer dipped 0.81 per cent. Nestle also ended in red.

Analyst Note 

“Indian markets outperformed its global peers on the back of a strong across-the-board buying support after languishing in negative territory for the past five trading sessions. The sharp rebound signifies that India remains a good long-term bet and the economy continues to show strong resilience in spite of global uncertainty and geo-political tensions. Also, most of the blue chips and mid-cap companies have reported better earnings, which is providing a major impetus to markets,” said Prashanth Tapse, Senior Research Analyst, Mehta Equities.

Sectoral Movement

In terms of sectoral performance, Nifty Bank and Financial Services climbed 0.80 per cent and 1.16 per cent respectively, while PSU Banks rose 1.66 per cent. 

Buying across the sectoral indices led Auto, IT and Pharma to surge more than 2 per cent, while Metal soared 3 per cent. FMCG also ended nearly 1 per cent higher.

The more domestically focussed indices, Mid-cap and Small cap also ended higher with 1.81 per cent and 0.97 per cent respectively.