The Indian stock market made a strong comeback on Friday, with the 30-share BSE Sensex jumping 1,098.02 points to 79,984.24 in early trade. Similarly, the NSE Nifty surged 270.35 points to reach 24,387.35. This rebound comes after Thursday's decline and follows a significant rally in the US and Asian markets.
Market Movers
The recovery was broad-based, with all 30 Sensex firms trading in the green. Notable gainers included Tata Motors, Tech Mahindra, Mahindra & Mahindra, HCL Technologies, Power Grid, NTPC, Tata Consultancy Services, and Reliance Industries.
Global Cues
Asian markets, including Tokyo, Seoul, Shanghai, and Hong Kong, were also trading sharply higher. The positive momentum from the US markets, which ended significantly higher on Thursday, further boosted investor sentiment. According to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, the sharp rebound in US markets suggests that recession fears may have been exaggerated, as lower-than-expected initial jobless claims indicate a stable labor market.
FII Activity
Foreign Institutional Investors (FIIs) were net sellers on Thursday, offloading equities worth ₹2,626.73 crore, according to exchange data.
Commodity Market
On the commodities front, global oil benchmark Brent crude rose by 0.14% to USD 79.27 per barrel.
The stock market's sharp rise on Friday follows a volatile session on Thursday, where the BSE benchmark declined 581.79 points, or 0.73%, to settle at 78,886.22. The NSE Nifty also retreated by 180.50 points, or 0.74%, to close at 24,117.
As the markets continue to navigate global and domestic cues, investors remain cautiously optimistic about the potential for further gains.
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