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Market rebounded sharply with benchmark indices closing over one per cent higher on Friday, led by IT stocks. Domestic markets opened on a positive note tracking global cues.
Later hour buying further lifted the benchmark indices towards close. While heavyweights such as HDFC and Infosys lead the gainers, PSU bank stocks remained under pressure.
The BSE Sensex closed at 60,686.69, up 767 points or 1.28 per cent. It recorded an intraday high of 60,750.72 and a low of 59,997.96. The Nifty 50 closed at 18,102.75, up 229.15 points or 1.28 per cent, near its intraday high of 18,123.00. It recorded an intraday low of 17,905.90.
The volatility index softened nearly 7 per cent to close below 16 at 15.22.
Breadth positive
Though the benchmark indices rallied, advance-decline ratio remained neutral. As against 1,663 stocks that advanced on the BSE, 1,650 declined and 151 remained unchanged. Furthermore, 337 stocks hit the upper circuit as compared to the 193 stocks that were locked in the lower circuit. Besides, 215 stocks touched a 52-week high level and 31 touched a 52-week low.
Binod Modi, Head Strategy at Reliance Securities, said, “Domestic equities witnessed sharp recovery today especially towards the second half of the day mainly led by sharp rebound in heavyweight financials and IT.”
Tech Mahindra, Hindalco, Wipro, HDFC and Infosys were the top gainers on the Nifty 50 while Bajaj Auto, Tata Steel, Hero Motocorp, Axis Bank and NTPC were the top losers.
Vinod Nair, Head of Research at Geojit Financial Services, said, "The momentum which was lost during the week was regained as inflation worries started fading with investors shifting their focus to good quarterly earnings, economic recovery and strong domestic macro data points. Today’s market rally was led by IT, energy and realty stocks while global peers traded mixed.”
IT stocks in focus
On the sectoral front, all indices, except Nifty PSU Bank and Nifty Media, closed in the green. IT, stocks led the rally. Realty, financial services, metals and FMCG also gained significantly.
Nifty IT was up 2.10 per cent at closing. Nifty Realty was up 1.65 per cent while Nifty Financial Services was up 1.08 per cent. Nifty FMCG and Nifty Metal was up 0.96 per cent and 0.84 per cent, respectively.
Meanwhile, Nifty PSU Bank ended 0.08 per cent lower.
Broader indices
Broader indices also closed in the green.
Nifty Midcap 50 was up 0.49 per cent at closing while Nifty Smallcap 50 was up 0.16 per cent. The S&P BSE Midcap was up 0.57 per cent while the S&P BSE Smallcap was up 0.25 per cent.
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