Sensex rises 900 pts, Nifty closes near 22,350; banking, auto shares lead rally

The Indian equity market ended higher on Friday helped by a sharp rebound in banking and financial stocks following a massive sell-off in the previous session. Sensex rose 918 pts to close at 77,550 and Nifty added 309 pts to settle at 22346. Market cap of BSE-listed firms rose to Rs 451.21 lakh crore. 

Asian Paints, ICICI Bank, M&M, IndiGo, Axis Bank, SBI,and Bajaj Finance were the top Sensex gainers rising up to 4% on Friday. On the other hand, Tech Mahindra, HCL Tech, Infosys, TCS and Sun Pharma  were the only losers, falling up to 3.65%. 

As many as 110 stocks hit their 52-week highs today. On the other hand, 20 shares fell to their 52-week lows.

Banking, capital goods, auto and consumer durables shares were the top gainers with their BSE indices rising 1274 pts, 1602 pts, 1570 pts and 1251 pts, respectively. 

Ajit Mishra – SVP, Research, Religare Broking  said, “Nifty is witnessing a steady recovery and indications favour a gradual rise towards the 24,300–24,700 zone. A further cool-off in the volatility index, India VIX, which is now at 19, is adding to market comfort. Traders should maintain a positive yet cautious stance until the Nifty decisively holds above the key level of 23,500 i.e. 200 DEMA. They should focus on stock-specific opportunities, particularly in rate-sensitive and cyclical sectors, while closely monitoring earnings, crude , and global developments for further cues.”

Vinod Nair, Head of Research, Geojit Investments said, “Indian equity markets ended higher, supported by positive global cues and optimism surrounding geopolitical de-escalation efforts in West Asia. Buying interest was broad-based, with mid-cap and small-cap stocks outperforming large-caps. Sectorally, auto and realty stocks advanced, while banking stocks posted firm gains, supported by comfort on valuations and expectations of credit growth.”

Previous close 

Sensex declined 931.25 points, or 1.20 per cent, to end at 76,631.65, while Nifty slipped 222.25 points, or 0.93 per cent, to close at 23,775.10.