Middle east tensions ease, Indian stock market rallies; investors gain ₹29 lakh crore in a week
Indian stock market surges as Middle East tensions ease, with Sensex and Nifty posting strong gains. Investors earn ₹29 lakh crore in a week amid broad-based rally.
Mumbai (The Uttam Hindu): Indian stock market closed with strong gains on Friday as easing tensions in the Middle East boosted investor sentiment. By the end of the trading session, the Sensex rose 918.60 points or 1.20 percent to close at 77,550.25, while the Nifty gained 275.50 points or 1.10 percent to settle at 24,050.60.
The rally was led by auto stocks, making the Nifty Auto index the top gainer with a rise of 2.85 percent. Other sectors also performed well, with Nifty Realty up 2.08 percent, Nifty Financial Services rising 2.06 percent, Nifty PSU Bank gaining 2.01 percent, Nifty Private Bank increasing 1.98 percent, Nifty Consumer Durables advancing 1.74 percent, and Nifty Consumption closing 1.55 percent higher.
Investors gain ₹29 lakh crore in a week
The total market capitalization of companies listed on the BSE increased by about ₹6.5 lakh crore in a single day, reaching ₹451.22 lakh crore. Over the entire week, investors’ wealth rose by approximately ₹28.85 lakh crore. At the end of the previous week, the total market value of BSE-listed companies stood at ₹422.37 lakh crore.
Among sectoral indices, only Nifty IT ended in the red, falling 1.91 percent. Gains were seen across large-cap, mid-cap, and small-cap stocks. The Nifty Midcap 100 index rose 865.20 points or 1.52 percent to close at 57,843.95, while the Nifty Smallcap 100 index increased 274.10 points or 1.65 percent to settle at 16,840.10.
In the Sensex pack, major gainers included Asian Paints, ICICI Bank, M&M, IndiGo, SBI, Axis Bank, Bajaj Finance, Bajaj Finserv, Adani Ports, Trent, HDFC Bank, L&T, HUL, Power Grid, Titan, UltraTech Cement, Eternal, Maruti Suzuki, Kotak Mahindra Bank, Tata Steel, BEL, and NTPC. On the losing side were Sun Pharma, Infosys, TCS, Tech Mahindra, and HCL Tech.
Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, said that the market opened with a gap-up and then traded within a range before successfully closing above the 24,000 level. He added that the resistance level for Nifty is between 24,200 and 24,250. If this level is crossed, Nifty may move towards 24,400 and then 24,600 in the near term. On the downside, the support zone lies between 23,850 and 23,800.