New Delhi (Agency): In a display of resilience against shaky global market trends, India’s benchmark BSE Sensex soared for a sixth consecutive session on Friday. This ongoing rally is fueled primarily by investments in major companies like HDFC Bank, Larsen & Toubro, and Reliance Industries.
The Sensex closed with a gain of 333.35 points, an increase of 0.50%, reaching 66,598.91 points. At its peak during the day, the index even touched 66,766.92 points. The broader Nifty index also gained, settling at 19,819.95 after rising 92.90 points or 0.47%. Over these six days, the Nifty has gained 473 points, a 3% increase, while the Sensex rallied 1,434 points, or 2.41%.
Speaking about the market trends, S Ranganathan, Head of Research at LKP securities, said, “Benchmark indices ended the week just a few percentage points away from record highs ahead of the G20 Summit, buoyed by good support from the Bank Nifty as well as the PSU & Infrastructure stocks.” Despite concerns about a deficient monsoon season, Ranganathan noted that the market remained optimistic, particularly for public sector unit (PSU) stocks.
Banking shares also saw a boost after the Reserve Bank of India (RBI) announced a phased withdrawal of the additional Cash Reserve Ratio (CRR), initially imposed to absorb surplus liquidity.
Vinod Nair, Head of Research at Geojit Financial Services, observed that Indian markets showed “resilience” even when global markets were affected by concerns like rising gas prices and jobless claims data from the US. “The domestic market, however, showcased its resilience once more by rallying, seemingly unfazed by global distress signals,” Nair said.
In the broader market, the BSE midcap index rose 0.92%, and the smallcap index gained 0.43%. Among the sectors, realty, capital goods, power, oil & gas, consumer durables, and energy sectors also advanced, while commodities, FMCG, and IT lagged behind.
Foreign Institutional Investors (FIIs) sold equities worth Rs 758.55 crore on Thursday, yet the Sensex and Nifty continued to advance, ending the week on a high note.
Despite uncertainties in the global economic landscape, the continued surge in India’s stock markets signals strong investor confidence and economic resilience, positioning the country as a stable market amid worldwide fluctuations.
