Sensex gains 450 points, Nifty settles at 17,050
Following global markets, Indian equity indices rose in early trade on Friday, adding to their gains for the third straight session.
Following global markets, Indian equity indices rose in early trade on Friday, adding to their gains for the third straight session. Following news that the U.S. economy shrank for a second consecutive quarter, investors turned their attention to a potential slowdown in the pace of rate hikes, which led to an increase in stocks in Asia.
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.
At home, the broad NSE Nifty advanced 148 points or 0.88 percent to trade at 17,078 while the 30-share BSE Sensex rose 462 points or 0.81 percent to 57,320.
The Nifty Midcap 100 and small-cap both increased by 1.03 percent and 0.85 percent, respectively, in mid- and small-cap equities.
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 Auto, Nifty Financial Services, Nifty IT, and Nifty Metal, which saw increases of up to 1.57%, 1.58%, 1.42%, and 1.51%, respectively.
SBI Life, which increased 6.98% to 1,274.65, was the highest stock gainer on the Nifty, according to stock-specific data. Tata Steel, HDFC Life, Bajaj Finance, and Bajaj Finserv were also among the winners.
1,841 shares on the BSE were rising while 544 were falling, indicating a healthy market breadth overall.
Tata Steel, Asian Paints, Bajaj Finance, Tech Mahindra, M&M, PowerGrid, Wipro, Kotak Mahindra Bank, HCL Tech, Infosys, NTPC, and TCS were among the top gainers on the 30-share BSE index.
Additionally, shares of Life Insurance Corporation of India (LIC), the largest domestic financial investor and insurer in the nation, increased 0.96 percent to trade at 681.35.
Dr. Reddy’s and Sun Pharma, on the other hand, were trading in the red.
On Thursday, the Sensex soared 1,041 points or 1.87 percent to finish at 56,858 while the Nifty climbed 288 points or 1.73 percent to end at 16,930.