Equity benchmarks Sensex and Nifty closed increased for a second straight day on Friday as buying in index majors M&M, Reliance Industries, and ITC helped the indices rebound from early lows.
However, relentless overseas fund outflows capped the sharp gains in home equities, merchants mentioned.
In a largely range-bound commerce, the 30-share BSE Sensex climbed 253.31 factors, or 0.34%, to settle at 73,917.03.
The NSE Nifty superior 62.25 factors, or 0.28%, to 22,466.10.
M&M was the largest gainer on the Sensex chart, rising 5.97% , adopted by JSW Steel, Ultra Cement, Kotak Mahindra Bank, ITC and NTPC.
Reliance Industries gained 0.73% to shut at ₹2,871 apiece.
In distinction, TCS, HCL Tech, HUL, Nestle India, Bajaj Finserv, Wipro and Infosys have been among the many losers.
“Despite mixed global signals and uncertainties surrounding the U.S. Fed, the Indian market experienced a robust recovery, largely fuelled by the outperformance of the broader market and positive Q4 earnings.”
“Further, some index heavyweight earnings surpassed expectations, and midcap and smallcap stocks continued to exhibit buying interest during dips. Auto and consumer durables particularly stood out with strong earnings momentum,” mentioned Vinod Nair, Head of Research, Geojit Financial Services.
In the broader market, the BSE midcap gauge rose 1.18% and smallcap index gained 1.39%.
Sectorally, shopper durables jumped 2.41%, adopted by auto (1.80%), realty (1.68%), metallic (1.50%), commodities (1.55%), industrials (1.26%) and oil & gasoline (1.19%).
On the opposite hand, IT and tech have been the laggards.
“World equities were mostly lower on Friday as traders now expect just one rate cut in 2024, though Chinese stocks reversed earlier losses following the announcement of fresh measures to revive the ailing property market,” mentioned Deepak Jasani, Head of Retail Research, HDFC Securities.
In Asian markets, Shanghai and Hong Kong logged gains, whereas Seoul and Nikkei closed in the crimson.
European markets have been buying and selling in the damaging territory. Wall Street ended in the inexperienced in the in a single day commerce on May 16.
Global oil benchmark Brent crude rose 0.25% to $83.48 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities price ₹776.49 crore on May 16, in response to alternate information.
On Thursday, the BSE benchmark climbed 676.69 factors or 0.93% to settle at 73,663.72. The NSE Nifty surged 203.30 factors or 0.92% to 22,403.85.
