Domestic equities gained for the fourth consecutive day on Friday, recovering more than 500 points or 2.3 per cent, said Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services.
While Nifty surged by 0.59 per cent (130 points) and closed at 22,040.70, Sensex closed moderately higher by 0.52 per cent (376 points) at 72,426.64.
All sectors ended in green, barring opil & gas as Indian markets showed resilience despite volatility.
The Q3 earnings season has ended on a buoyant note with Nifty delivering a strong beat with a 17 per cent YoY PAT growth versus an estimate of 11 per cent.
“We expect market sentiment to strengthen further as the prospect of a pre-election rally is quite strong. Nifty is hovering near all-time zones and is all set to make new highs next week," Khemka said.
Vinod Nair, Head of Research at Geojit Financial Services, said the Indian market continued its broad-based recovery on Friday, aided by positive global cues.
Further, narrowing India’s trade deficit, led by softening commodity prices and a manufacturing push by the government, attracted investors to capital goods, metals, and industrial stocks.
On the global front, an expectation of a pickup in consumption demand in China after the Lunar New Year holidays supported the global market sentiment, Nair said.
IBM partners Sarvam to strengthen India's sovereign AI ecosystem
IBM and homegrown AI startup Sarvam have partnered to accelerate the development and adoption of sovereign artificial intelligence (AI) technologies in India, with a focus on government agencies, public sector organisations and regulated enterprises, according to a statement on Friday.
Sensex climbs 274 pts, Nifty ends above 24,300 as auto stocks lend support
Indian equity benchmarks closed with modest gains on Thursday after a subdued trading session, as investors remained watchful of the evolving geopolitical situation in West Asia.
Markets extend losing streak to 5th day; Sensex sheds 332 points, Nifty slips below 23,800
Indian equity benchmarks extended their losing streak to a fifth consecutive session on Friday, marking their longest stretch of declines since the first week of January, as investors remained cautious amid concerns over the inflation and growth outlook in the backdrop of elevated crude oil prices.