Benchmark stock market indices closed higher after a significant rally on Friday, driven primarily by gains in IT stocks.
The S&P BSE Sensex surged by 1,292.92 points to close at 81,332.72, while the NSE Nifty50 rose by 428.75 points, finishing at 24,834.85.
In today’s trading session, the Nifty50 index saw notable movements among key stocks. Shriram Finance led the gainers, soaring 9.52%. “The domestic market experienced a substantial rebound at the start of the next month expiry, recovering from the recent losses incurred following the Union budget. This upturn was driven by positive reactions to the better-than-expected US GDP, which augurs well for global demand. Investors are adopting a buy-on-dip strategy, refocusing on quarterly earnings and stock-specific trends. Notably, gains were observed across sectors, with Metals and IT leading, and midcaps outperforming,” said Vinod Nair, Head of Research, Geojit Financial Services.
The healthcare sector showed strength, with Cipla and Apollo Hospitals posting gains of 5.76% and 4.14%, respectively. Telecom giant Bharti Airtel also performed well, with a 4.32% uptick, while Divis Lab rounded out the top gainers with a 3.39% increase.
Conversely, the energy sector faced some challenges, as ONGC experienced the biggest drop at 1.04%. Banking heavyweight HDFC Bank slipped by 0.62%, and consumer goods stalwart Nestle India saw a marginal dip of 0.11%.
The market saw a positive trend across Nifty’s sectoral indices, with most sectors posting gains. All Nifty sectoral indices shown were in positive territory, with no indices in the red.
