Sensex closes up 607 points, Nifty up 165 points. Banking stocks surge, while the metal sector declines. Foreign investor buying and the Federal Reserve's decision supported the market.
Closing-Bell: The stock market maintained its strength this week. Friday's trading saw the Sensex close up 607.71 points or 0.79% at 76,955.77, while the Nifty gained 165.10 points or 0.71% to reach 23,355.75. All sectoral indices except the Nifty Metal Index saw gains during this period.
Top Gainers
In today's trading session, SBI Life shares under Nifty 50 closed with a 3.21% surge at 1,546. ONGC shares rose by 2.90% to close at 242.42. NTPC shares climbed 2.80% to reach 351.30. BPCL shares registered a 2.77% increase, closing at 279.66. Furthermore, Bajaj Finance shares closed at 8,916 with a 2.73% gain.
Top Losers
Meanwhile, Hindalco shares experienced the most significant decline in today's trading, falling 1.51% to close at 695.35. Infosys shares fell 1.43% to reach 1,593. Wipro shares dropped 1.39% to close at 264.30. Trent shares declined by 1.37%, closing at 5,150. In addition, Titan Company shares fell 0.96% to close at 3,163.
Metal sector declines, other indices in the green
On Friday, the Nifty Pharma Index closed with a 1.34% increase at 21,626. Bank Nifty rose 1.06% to reach 50,594. The Nifty Auto Index closed up 0.61% at 21,756. Nifty FMCG closed with a 0.24% gain at 52,986. The Nifty IT Index rose 0.07% to close at 36,703. However, the Nifty Metal Index fell 0.55%, closing at 9,204.
Reasons for the continued market rally
This week, Foreign Institutional Investors (FIIs) exhibited a positive stance, opting for buying instead of selling. Furthermore, the decision by the US Federal Reserve on Wednesday to keep interest rates unchanged provided support to investors.
A decline was also observed in US bond yields, strengthening the market. The 10-year US Treasury yield fell from 4.5% to 4.25%, while the 2-year yield dropped from 4.28% to 3.97%. The US Dollar Index traded below 104, creating a positive environment in emerging markets.
