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Sensex gains 253 points, Nifty climbs 62 points amid market rally

Major sectors such as IT, finance, and consumer goods saw notable increases, driving the overall market uptrend. Positive global cues and strong domestic earnings reports contributed to the rally.

Edited By: Nitin Kumar @Niitz1 New Delhi Updated on: May 17, 2024 23:50 IST
Sensex
Image Source : FILE Sensex gains 253 points, Nifty climbs 62 points amid market rally

The BSE Sensex rose by 253.31 points, closing at 73,917.03 on Friday. Meanwhile, the NSE Nifty advanced by 62.25 points to settle at 22,466.10. Both indices showed positive movement, with key sectors contributing to the gains. This rise follows a day of mixed trading, reflecting investor optimism in the market. Equity benchmarks Sensex and Nifty closed higher on Friday, rebounding from early lows. The 30-share BSE Sensex climbed 253.31 points, or 0.34%, to settle at 73,917.03. Meanwhile, the NSE Nifty advanced 62.25 points, or 0.28%, to 22,466.10.

Top gainers and losers

M&M was the biggest gainer on the Sensex chart, rising 5.97%, followed by JSW Steel, Ultra Cement, Kotak Bank, ITC, and NTPC. Reliance Industries gained 0.73% to close at Rs 2,871 per share. In contrast, TCS, HCL Tech, HUL, Nestle Industries, Bajaj Finserv, Wipro, and Infosys were among the losers.

Market drivers

Vinod Nair, Head of Research at Geojit Financial Services, commented, "Despite mixed global signals and uncertainties surrounding the US 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 small-cap stocks continued to exhibit buying interest during dips. Auto and consumer durables particularly stood out with strong earnings momentum."

Global market performance

In Asian markets, Shanghai and Hong Kong logged gains, while Seoul and Nikkei closed in the red. European markets were trading in negative territory. Wall Street ended in the green in the overnight trade on Thursday.

Crude oil and FII activity

Global oil benchmark Brent crude rose 0.25% to USD 83.48 a barrel. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 776.49 crore on Thursday, according to exchange data.

Previous session recap

On Thursday, the BSE benchmark climbed 676.69 points, or 0.93%, to settle at 73,663.72. The NSE Nifty surged 203.30 points, or 0.92%, to 22,403.85.

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