Tracking gains elsewhere in Asia, domestic benchmark indices opened higher on Friday in an attempt to recover from the previous selloff.
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Sensex Today: Benchmark indices snapped a six-day losing streak and ended higher with Nifty back above 19,000.The S&P BSE Sensex jumped 635 points, or 1 per cent, to settle at 63,783 levels, while the Nifty50 shut shop 190 points higher at 19,047.
HCL Tech, Adani Enterprises, Axis bank, Coal India, SBI, Tata Motors, Eicher Motors, Bajaj Auto, NTPC, ONGC, Nestle India, IndusInd Bank, Cipla, Reliance Industries, Adani Ports, Infosys, and L&T were the top large-cap gainers, up in the range of 1.5 per cent to 3 per cent.
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In the broader markets, the BSE MidCap and SmallCap indices surged 1.7 per cent and 1.9 per cent, respectively.
With today’s rebound, the volatility index, India VIX, eased nearly 8 per cent today to around 11 levels.
Among individual stocks, Karnataka Bank rose 5 per cent after the board of the bank approved the allotment of Rs 800 crore on a preferential basis.
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Meanwhile, Vodafone Idea shares traded nearly 3 per cent higher despite its consolidated net loss widened to Rs 8,738 crore in Q2 FY24 from Rs 7,595 crore in Q2 FY23.
“The US economy’s resilience is surprising. The Q3 GDP growth at 4.9% means the Fed will continue to be hawkish and the likely ‘higher for longer’ interest rate regime is negative from the stock market perspective,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
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“On the positive side, valuations in India, which were high, have now turned fair and in sectors like banking valuations are attractive. This is the time for cherry picking for long-term investors,” Vijayakumar said.
