Sensex, Nifty rebound after three-day slump; IT and banking stocks shine

Posted on by

Benchmark stock indices Sensex and Nifty found firmer ground on Friday after a three-session losing streak, supported by buying of IT, technology and banking counters amid a positive trend abroad and continued foreign money inflows.

The 30-share BSE Sensex Index rose 297.94 points, or 0.48 percent, to settle at 61,729.68, supported by distress buying. During the day, the index faced volatile trends, reaching a high of 61,784.61 and a low of 61,251.70.

NSE Nifty advanced 73.45 points, or 0.41 percent, to close at 18,203.40.

Among Sensex companies, Tata Motors jumped more than 3 percent. Other major gainers include Tech Mahindra, Infosys, HCL Technologies, Axis Bank, Mahindra & Mahindra, ICICI Bank, UltraTech Cement and Kotak Mahindra Bank.

NTPC, Asian Paints, Titan and Power Grid were among the laggards.

In Asia, Seoul and Tokyo markets closed higher, while Shanghai and Hong Kong markets settled lower.

European markets were trading with gains. The US market ended positively on Thursday.

“Although the domestic market is suffering from a lack of a decisive trend, it closed the day on a positive note. The optimism in the US market was driven by the progress in the debt ceiling talks. However, the prospect of a stronger US economy suggests that the Federal Reserve is looking forward to it,” Vinod Nair said. , head of research at Geojit Financial Services, “may keep policy prices high for a long time.”

Foreign institutional investors (FIIs) continued their buying activity as they bought shares worth Rs.970.18 crore on Thursday, according to exchange data.

The rise of Adani Group shares

said a panel of experts appointed by the Supreme Court No organizational failure can be inferred About Adani Group stock hikes, and that Sippy has drawn a “blank” In its investigation into alleged abuses in funds flowing from offshore entities to the conglomerate.

But the six-member panel said there was evidence of a build-up of short positions in Adani Group shares prior to the US-based Hindenburg Research short report, and profit from squaring positions after a price collapse after the decision was published. allegations.

All ten companies included in the Adani Group closed higher on Friday.

Meanwhile, Brent crude, the global benchmark for oil, rose 0.78 percent to $76.45 a barrel.

The Sensex index fell 128.90 points, or 0.21 percent, to settle at 61,431.74 points on Thursday. The Nifty Index fell 51.80 points, or 0.28 percent, to close at 18,129.95.