Stock Market Today: Sensex rallies 1,534 points, Nifty ends above 16,250-mark amid positive global cues

Stock Market Today, Share Market Updates: The topline equity indices recovered their previous session’s losses and ended nearly 3 per cent higher on Friday taking cues from their global peers which rose after China cut a key lending benchmark to support a slowing economy.

The S&P BSE Sensex surged 1,534.16 points (2.91 per cent) to end at 54,326.39 while the Nifty 50 climbed 456.75 points (2.89 per cent) to settle at 16,266.15. Both the indices had opened over 1.5 per cent higher earlier in the day and surged more as the session progressed with the Sensex touching an intraday high of 54,396.43 and the broader Nifty hitting 16,283.05.

All the Sensex stocks ended higher on Friday with the top gainers being Dr. Reddy’s Laboratories, Reliance Industries (RIL), Nestle India, Tata Steel, Larsen & Toubro (L&T), IndusInd Bank, Axis Bank, Sun Pharmaceutical Industries and Housing Development Finance Corporation (HDFC).

All the sectoral indices on the NSE ended in green on Friday. Nifty Media index rose 4.47 per cent led by gains in the shares of Sun TV Network, Network18 Media & Investments and Inox Leisure. The Nifty Realty index climbed 4.21 per cent aided by Macrotech Developers and The Phoenix Mills. This apart, the key Bank Nifty ended 2.88 per cent higher following a rise in share prices of AU Small Finance Bank, IndusInd Bank and Axis Bank.

In the broader market, the S&P BSE MidCap index ended at 22,506.85, up 437.12 points (1.98 per cent) while the S&P BSE SmallCap settled at 26,351.29, up 550.25 points (2.13 per cent). The volatility index or India VIX on NSE declined 5.93 per cent to 23.10.

Commenting on the market rally on Friday, Vinod Nair, Head of Research at Geojit Financial Services said, “The market displayed a confident yet calm rally throughout the day, supported by fortified global markets, especially the Asian market. The Chinese Central bank cut a key interest rate to support growth, injecting optimism into emerging markets. With concerns over an economic slowdown and rate hikes across the globe, investors will continue to invest with caution. Value stocks should do well during this consolidation period.”

Shares rebounded on Friday after China cut a key lending benchmark to support its economy, though a global equities gauge remained set for its longest weekly losing streak on record amid investor worries about slowing growth and high inflation.

At 0833 GMT, the pan-European STOXX 600 was up 1.2 per cent and set for its first daily gain in three. The MSCI world equity index, which tracks shares in 50 countries, rose 0.5 per cent but for the week was still shedding 1 per cent and on track for its seventh consecutive weekly decline, its longest losing streak since its inception in 2001.

The gains in Europe and Asia came after a late Thursday rally on Wall Street petered out, leaving the Dow Jones Industrial Average down 0.75 per cent, the S&P 500 0.58 per cent lower and the Nasdaq Composite off by 0.26 per cent.