Benchmark stock market indices closed the week positively, with the Sensex and Nifty staging a late recovery, posting gains of over half a percent. The S&P BSE Sensex surged by 504.86 points to conclude at 78,493.54, while the NSE Nifty50 climbed by 156.80 points to settle at 24,353.55.
According to Vinod Nair, Head of Research at Geojit Investments Limited, the market wrapped up the day on a high note, buoyed by improving prospects for a Middle East resolution and a turnaround in FII net inflows. Factors such as a ceasefire between Israel and Lebanon keeping crude oil prices below $100/bbl, strengthening of the rupee due to RBI interventions, and reduced geopolitical tensions contributed to the positive market sentiment.
The FMCG sector led the gains, fueled by price hikes, positive business updates, and favorable valuations. Following the market close, Hindustan Unilever Ltd emerged as the top gainer on the Sensex, surging by 4.70%. Power Grid Corporation of India Ltd followed with a 1.91% gain, while Reliance Industries Ltd rose by 1.53%. Bharat Electronics Ltd and Titan Company Ltd also recorded gains of 1.43% and 1.34%, respectively.
On the downside, Sun Pharmaceutical Industries Ltd experienced the steepest decline, dropping by 1.04%. Mahindra and Mahindra Ltd, HCL Technologies Ltd, Larsen and Toubro Ltd, and Eternal Ltd also saw decreases ranging from 0.14% to 0.60% at the market close.
The market rally was underpinned by robust performances across various sectors, instilling investor confidence and driving active trading, which bolstered overall market sentiment. Vinod Nair highlighted that the ongoing Q4 earnings season will play a crucial role in assessing FY27 estimates.
(*Disclaimer: The opinions and recommendations expressed in this article are solely those of the experts/brokerages mentioned and do not represent the views of the India Today Group. It is advisable to seek advice from a qualified broker or financial advisor before making investment decisions.)
– Ends