Sensex Continues Uptrend For Third Day, Jumps 712 Points, while Nifty Regains 17,150

For the third straight day, Indian market indices increased their gains on Friday, with robust buying demand in metal and technology stocks as a major contributor. Index heavyweight Reliance Industries and other energy and consumer firms helped domestic indices as well.

After data revealed that the U.S. economy shrank for a second consecutive quarter, investors were more concerned about a potential slowdown in the rate of rate increases than a recession.

The Federal Reserve (Fed) increased interest rates by 75 basis points (bps), but Jerome Powell, the Fed’s head, gave no indication of the amount of the subsequent rate increase and said that “at some time” it would be wise to slow down.

The 30-share BSE Sensex increased today by 712 points, or 1.25 percent, to close at 57,570, while the larger NSE Nifty increased today by 229 points, or 1.35 percent, to close at 17,158.

The Nifty Midcap 100 increased 1.42 percent, and small-cap shares increased 1.70 percent, as mid- and small-cap equities ended the day well.

The National Stock Exchange’s 14 sector indicators all finished in the black. The NSE platform was outperformed by the sub-indices Nifty Metal, Nifty IT, Nifty Oil & Gas, and Nifty Consumer Durables, which saw increases of up to 3.86%, 1.71%, 2.18%, and 1.75%, respectively.

SBI Life, a private sector life insurer, reported an 18% increase in net income, or 263 crore, in the April-June quarter. As a result, the stock rocketed 8.61 percent to 1,294, making it the top Nifty gainer. Among the winners were Tata Steel, Hindalco, Sun Pharma, and Coal India.

A positive market breadth was observed overall, with 2,101 shares on the BSE rising and 1,225 falling.

Tata Steel, Sun Pharmaceutical, Bajaj Finserv, IndusInd Bank, Asian Paints, Infosys, Reliance Industries, Bajaj Finance, Wipro, HDFC, NTPC, and Bharti Airtel were among the top gainers on the 30-share BSE index, with their shares rising as much as 7.27%.

Additionally, shares of Life Insurance Corporation of India (LIC), the largest domestic financial investor and insurer in the nation, increased 0.4% to close at 677.85 rupees.

The results were negative for Dr. Reddy’s, Kotak Mahindra Bank, SBI, ITC, and Axis Bank.