Equity markets rose for a second consecutive day on Friday, propelled by across-the-board buying. The S&P BSE Sensex hit a high of 54,937 intra-day, before ending at 54,885, up 632 points or 1.17 per cent. The NSE Nifty, on the other hand, settled the day at 16,352, up 182 points or 1.13 per cent. The index hit a high of 16,371 earlier today. In the broader markets, the Nifty MidCap100 index and the Nifty SmallCap100 indices rose 1.4 per cent each.
Apollo Hospitals, Tech M, HDFC Life, Hero MotoCorp, IndusInd Bank, Bajaj Finance, Wipro, Infosys, L&T, HUL, and Bajaj Finserv zoomed over 2.5 per cent on the Nifty. Dr Lal Path Labs, Whirlpool of India, IndiaMART InterMESH, Page Industries, Route Mobile, Balrampur Chini, and Sonata Software, on the other hand, surged up to 9.5 per cent in the broader market.
Sectorally, the Nifty IT index was the lead gainer, up 2.54 per cent, on the National Stock Exchange (NSE). The only loser was the Nifty Metal index, down 0.06 per cent.
Among stocks, AstraZeneca Pharma rose over 6 per cent. The company reported a two per cent rise in March quarter net profit at Rs 27.98 crore from the same quarter last year.
On the downside, Muthoot Finance slipped over 7 per cent. The company’s consolidated net profit dipped 2.3 per cent YoY to Rs 997 crore for the quarter ended March 2022. Consolidated revenues declined 2.7 per cent to Rs 3,021 crore.
Vinod Nair, Head of Research at Geojit Financial Services, said: “Joining the global rally, the investors were in a buying mood following favourable retail earnings in the US. Receding FII selling also provided comfort to the domestic market in bringing down volatility. The RBI’s upcoming policy meeting will be a key factor in the market, where they are expected to announce an additional policy rate hike of 25-35bps.”
Global Cues
Wall Street closed sharply higher on Thursday after optimistic retail earnings outlooks and waning concerns about overly aggressive interest rate hikes by the Federal Reserve put investors in a buying mood. The Dow Jones Industrial Average rose 516.91 points, or 1.61 per cent, to 32,637.19; the S&P 500 gained 79.11 points, or 1.99 per cent, to 4,057.84; and the Nasdaq Composite added 305.91 points, or 2.68 per cent, to 11,740.65.
Tokyo stocks opened higher on Friday as investors took heart from Wall Street rallies. The benchmark Nikkei 225 index was up 1.29 per cent, or 343.67 points, at 26,948.51 in early trade, while the broader Topix index was up 1.06 per cent, or 19.95 points, at 1,897.53. US economic indicators released overnight were not strong, including revised-down first-quarter GDP figures and a slide in second-hand home sales in April.
Hong Kong shares rallied more than three percent Friday morning thanks to a surge in tech firms after strong earnings giants Alibaba and Baidu. The Hang Seng Index climbed 3.09 per cent, or 621.07 points, to 20,737.27.
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