Home / Markets / Stock Markets /  Markets recover amid mixed trends in global markets, Sensex gains 900 pts

Benchmark indices closed with gains on Friday amid a volatile session. The Indian equities closed higher on Friday as Sensex gained 909.64 points while Nifty 50 advanced by 243.65 points.

BSE benchmark Sensex zoomed 909.64 points or 1.52 per cent to settle at 60,841.88. During the day, it jumped 973.1 points or 1.62 per cent to 60,905.34. While, NSE Nifty advanced 243.65 points or 1.38 per cent to end at 17,854.05.

From the Sensex pack, Titan, Bajaj Finserv, Bajaj Finance, HDFC Bank, HDFC, State Bank of India, Mahindra & Mahindra and IndusInd Bank were among the major winners. HCL Technologies, Wipro and Tech Mahindra were among the losers.

Thirty six of the Nifty 50 constituents advanced while 14 declined.

“After initial hiccup, markets recovered post some stability seen in Adani group stocks. Nifty opened positive but traded flat in the initial hours. It however made a comeback in later part of the session to close with gains of 244 points (+1.4%) at 17854 levels. Sectorialy it was mixed bag. Buying continued in consumer and IT sector stocks. While beaten down banking sector, especially PSU Bank saw refresh buying after BOB reported healthy Q3FY23 numbers and expectation of SBI to announce good result. Domestic indices witnessed recovery despite mixed global cues. Pharma counters were under pressure after Divi’s Lab reported poor set of numbers. Banking stocks will react on Monday to SBI results, which would be released on Friday evening. Investors await key monthly US jobs data. Next week market will keep eye on US Fed Chair Powell speech due on Tuesday," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Among sectoral indices, bank and finance indices did most of the heavy lifting and gained 2% to 3%. Consumer Durable and auto also gained a per cent each. Metal, media, pharma, and energy ended in the red.

"Markets are rising, assuming that we are in the last phase of the rate hike cycle as indicated by the Fed statement. Adani Group stocks revived post the confident statement by Total Energies, a large French energy company, raising the sentiment of the market. Pharma stocks have taken a beating as a result of weak third-quarter results," said Vinod Nair, Head of Research at Geojit Financial Services.

The rupee appreciated by 34 paise to close at 81.86 (provisional) against the US currency on Friday, supported by a rebound in domestic equities and easing crude oil prices.

Foreign Institutional Investors (FIIs) again offloaded shares on Thursday after a day's breather. They sold shares worth 3,065.35 crore, according to exchange data.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.

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