Sensex rises over 300 points, Nifty trades above 16,200

Friday’s opening trades saw Indian equities indices trading higher as they followed the lead of the international markets. As concerns about a slowdown in the economy decreased, Asian stocks followed overnight gains on Wall Street. Furthermore, following Boris Johnson’s resignation as British Prime Minister, the sterling started to recover previous losses.

Trends on the Singapore Exchange’s Nifty Futures (SGX Nifty) suggested that the domestic indices would begin cautiously.

The 30-share BSE Sensex increased by 316 points or 0.58 percent in the first hour of trading to reach 54,495 while the larger NSE Nifty gained 104 points or 0.64 percent to close at 16,236.

As the Nifty Midcap 100 increased by 0.32 percent and the small-cap index increased by 0.59 percent, mid- and small-cap shares were trading strongly.

The National Stock Exchange’s 15 sector indicators, 13 of which were trading in the green. The NSE platform was outperformed by the sub-indices Nifty Bank and Nifty Auto, which increased by as much as 0.67 and 0.77 percent, respectively.

In terms of individual stocks, M&M was the top Nifty gainer as the stock climbed 2.80% to 1,165.05. NTPC, L&T, Coal India, Axis Bank, and others also benefited.

1,715 equities on the BSE were rising while 622 were falling, contributing to a positive total market breadth.

On the 30-share BSE index, the biggest gainers included Sun Pharma, Wipro, L&T, M&M, NTPC, Axis Bank, ICICI Bank, UltraTech Cement, PowerGrid, Tech Mahindra, and Infosys.

Additionally, shares of Life Insurance Corporation of India (LIC), the largest domestic financial investor and insurer in the nation, increased 1.17 percent to trade at 706.30.

Asian Paints, Tata Steel, IndusInd Bank, Hindustan Unilever, Titan, TCS, Bajaj Finance, Dr. Reddy’s, and Maruti, on the other hand, were all experiencing losses.

On Thursday, the Sensex had risen 427 points or 0.80% to finish at 54,178, and the Nifty had risen 143 points or 0.890% to finish at 16,133.