Stock indices Sensex and Nifty rebounded today, fueled by a surge in buying activity specifically in Reliance Industries, a major player in the index. The market also experienced a continuous influx of foreign funds, further supporting the upward movement.
Despite this positive trend, there was a slight setback as IT counters witnessed a correction in anticipation of their upcoming quarterly earnings announcements later this week. This correction temporarily hindered the market's rally.
Recovering from the decline seen on Friday, the 30-share BSE Sensex closed at 65,344.17, registering a gain of 63.72 points or 0.10%. Throughout the trading session, it reached a high of 65,633.49 after climbing by 353.04 points or 0.54%. The NSE Nifty also showed improvement, closing at 19,355.90, with a gain of 24.10 points or 0.12%.
Among the gainers in the Sensex pack, Reliance Industries stood out with an impressive surge of 3.78%. Other significant gainers included Tata Steel, Bharti Airtel, IndusInd Bank, Kotak Mahindra Bank, UltraTech Cement, ICICI Bank, and Tata Motors.
On the other hand, Titan, HCL Technologies, Power Grid, Tata Consultancy Services, Wipro, Hindustan Unilever, Axis Bank, and Nestle experienced a decline in their stock prices.
Foreign institutional investors (FIIs) remained actively engaged in the Indian equities market, as they purchased equities worth Rs.790.40 crore on Friday, according to exchange data.
While Indian equities faced overall weakness, the benchmark managed to maintain marginal positivity, primarily due to strong buying in heavyweight stocks. Weakness was observed in the IT sector, which is expected to commence the Q1 result season with potentially subdued earnings, analyst says
In the Asian markets, Shanghai and Hong Kong concluded in positive territory, while Seoul and Tokyo ended with losses. European equity markets were trading positively, while the U.S. markets closed with losses on Friday.
The global oil benchmark, Brent crude, experienced a slight dip of 0.80%, settling at $77.84 per barrel.
On the week ended Friday, the BSE benchmark witnessed a decline of 505.19 points or 0.77%, closing at 65,280.45. The Nifty also fell by 165.50 points or 0.85%, ending at 19,331.80.
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