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Sensex and Nifty moved higher on Friday, supported by strong gains in IT stocks following upbeat earnings reports from Microsoft and Cognizant
Stock Market Rally Today
Why Is Market Rising Today? Indian benchmark indices Sensex and Nifty moved higher on Friday, supported by strong gains in IT stocks following upbeat earnings reports from Microsoft and Cognizant. Investor sentiment was further boosted after former US President Donald Trump hinted at a “potential” trade deal with India.
The BSE Sensex rose 904.81 points, or 1.13%, to reach 81,147.05, while the NSE Nifty50 climbed 234 points, or 0.96%, to 24,568.20 around 10 am.
After scaling an intra-day high of 81,177.93, the BSE Sensex settled at 80,501.99, higher by 259.75 points or 0.32 per cent. The NSE Nifty 50 settled at 24,346.70, up 12.50 points or 0.05 per cent. The index traded in the range of 24,238.50 – 24,589.15 on Friday.
The total market capitalisation of all BSE-listed companies jumped by Rs 3.27 lakh crore, reaching Rs 426.51 lakh crore.
In early trade on Friday, key Sensex gainers included Adani Ports, Maruti, Axis Bank, TCS, Infosys, ICICI Bank, and M&M, with shares rising up to 4%. Meanwhile, Titan, Nestle India, Bajaj Finserv, HUL, Bajaj Finance, and Kotak Bank opened in the red.
Sector-wise, Nifty Bank climbed 0.56%, while Nifty IT advanced 0.7%. Gains were also seen in Nifty Auto, Metal, PSU Bank, and Oil & Gas indices.
PNB Housing Finance surged over 7% at the open after a Carlyle Group entity offloaded its entire 10.44% stake via block deals.
Market Sentiment Boosted By Trade Deal Hopes
Market sentiment improved after Donald Trump hinted at potential trade deals with India, South Korea, and Japan. Additionally, US Secretary of State Marco Rubio noted China’s interest in restarting trade talks with the US.
Hopes of a US-India bilateral trade pact and concerns over the American economy have led investors to shift capital towards emerging markets like India.
Foreign Inflows Continue
Foreign institutional investors (FIIs) have been net buyers of Indian equities for 11 consecutive sessions—their longest buying streak in two years—after reversing a three-month selling trend in April.
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