- Indian markets surge, with Sensex rising 1,331 points and Nifty crossing 24,500.
- IT and banking sectors lead the gains, driven by positive U.S. economic data.
- Rupee remains stable at 83.94 against the U.S. dollar, holding above record lows.
The Indian stock market closed on a high note Friday, as the Sensex surged by 1,331 points, and the Nifty index reclaimed the 24,500 mark.
Despite some fluctuations, the Indian rupee held steady against the U.S. dollar, closing at 83.94, nearly unchanged from the previous session.
Indian Markets Surge as IT and Banking Stocks Propel Sensex and Nifty Higher
Friday’s trading session saw Indian markets in a bullish mode, with the Sensex rocketing by 1,331 points, marking a significant upward movement. The Nifty index also mirrored this momentum, reclaiming the 24,500 threshold, as investors reacted positively to global cues, particularly from the U.S. market, where economic data eased fears of an impending recession.
The IT sector led the charge, supported by gains in heavyweights like Tata Consultancy Services, Infosys, and Tech Mahindra. This sector’s strong performance was crucial in driving the overall market rally. Additionally, banking stocks, including ICICI Bank and IndusInd Bank, contributed significantly to the day’s gains, showcasing investor confidence in these sectors.
The positive sentiment was further bolstered by a substantial increase in market capitalization, with the combined value of all listed companies on the Bombay Stock Exchange (BSE) jumping by Rs 4.77 lakh crore to reach Rs 449.06 lakh crore. This growth underscores the broad-based recovery across various sectors, indicating robust investor participation.
Meanwhile, the Indian rupee managed to hold its ground against the U.S. dollar, closing at 83.94. Despite slight fluctuations, the currency remained above its record low, supported by dollar sales from foreign banks, which helped stabilize the exchange rate as the week concluded.
The strong performance of the Indian stock market, led by gains in the IT and banking sectors, reflects a positive investor sentiment driven by favorable global economic data. As the rupee remains stable, the outlook for continued market growth appears promising.
“In the world of finance, everything that is agreeable is unsound and everything that is sound is disagreeable.” — Winston Churchill
