The BSE Sensex index ended 910 points or 1.52% higher at 60,842, while Nifty50 rose 244 points or 1.38% to settle at 17,854.
Meanwhile, investors wealth increased about Rs 1 lakh crore as the total market capitalization of BSE-listed firms surged to Rs 266.73 lakh crore.
From the Sensex pack,
and were the top gainers, rising about 5-7%. , , HDFC, , M&M, also ended with gains.
On the other hand, only
and closed with cuts.
Sector-wise, the Nifty PSU Bank rose 3.07% and Nifty Financial Services surged 2.36%. Auto, consumer durables, IT and FMCG stocks also closed higher. In the broader market, Nifty Midcap50 rose 0.27%, while Smallcap50 dropped 0.5%
“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, ” said Vinod Nair, Head of Research at Geojit Financial Services.”The recovery picked up momentum on February 3 as the index surpassed the hurdle zone of 17,650-17,700. Consequently, the Nifty is approaching to climb above the 20 DMA & can test the level of 18000 on the higher side. On the other hand, the near-term support is placed at 17700 with the major support near 17350,” said Gaurav Ratnaparkhi, Head of Technical Research at Sharekhan.
Here are a host of factors that helped the market rally
Global marketsA rally in the global markets pushed the Indian benchmark indices higher today. Asian peers, including Nikkei and Kospi, ended with gains, following a strong trading session in the US stocks overnight.
Asian shares were largely trading higher on Friday ahead of a closely watched US jobs report that may affect global interest rates. Japan’s benchmark Nikkei 225 added 0.4% in afternoon trading to 27,501. Australia’s S&P/ASX 200 6% Kouth rea gained 0. added 0.5% to 2,480. However, Shanghai Composite dropped 1.0% to 3,252.
Recovery in bank stocksTalking about the risks to the Indian banking system and lenders, emanating from the ongoing tussle between US-based short-seller Hindenburg and Indian business tycoon Gautam Adani-led Adani Group, Finance Minister Nirmala Sitharaman today said it is in a sound position, which led the Nifty PSU Bank rally over 3%.
Recovery in 4 Adani stocks There was some relief in Gautam Adani’s companies today as 4 Adani Group stocks — Adani Enterprises, Adani Ports, Ambuja Cement and ACC — ended in the green on buying amid low levels.
Fall in crude prices Oil prices eased on Friday, with major benchmarks headed for their second straight week of losses, as the market awaited further signs of fuel demand recovery in China to offset looming slumps in other major economies.
So far this week, Brent has dropped 4.8%, extending a 1.1% loss from the previous week. WTI has fallen 4.5% after sliding 2% in the prior week.
Strength in rupee The rupee appreciated 34 paise to 81.86 against the dollar on Friday, tracking its Asian peers, and easing crude oil prices.
The dollar index, which tracks the movement of the greenback against a basket of six major world currencies, declined 0.13% to 101.61 level.
(With inputs from agencies)