Rising for the second consecutive day, benchmark Sensex rose by nearly 329 points on Friday following strong gains in pharmaceutical and banking shares and foreign fund inflows.
The 30-share BSE Sensex jumped 328.72 points or 0.40 per cent to close at 82,500.82 with 22 of its constituents closing higher and eight with losses. In day trade, the index jumped by 482.01 points or 0.58 per cent to hit an intraday high of 82,654.11.
The 50-share NSE Nifty advanced by 103.55 points or 0.41 per cent to settle at 25,285.35. In the intraday session, it rose 148.95 points or 0.59 per cent to hit a high of 25,330.75.
Easing geopolitical tensions as Israel and Hamas agreed on the first stage of a ceasefire plan and signs of progress in a potential India-US deal also boosted investor sentiment.
Among the Sensex firms, State Bank of India was the biggest gainer, rising by 2.16 per cent. In an unusual move, the government has opened top management positions in public sector banks, including SBI, for the private sector candidates.
Out of four positions of Managing Director in SBI, one position has been opened for private sector candidates and persons working in public sector financial institutions.
Maruti Suzuki India, Axis Bank, NTPC, BEL, Adani Ports, Eternal, Sun Pharmaceuticals, Power Grid, ITC, UltraTech Cement, Trent, HCL Technologies, Mahindra & Mahindra, and HDFC Bank were among the gainers.
On the other hand, Tata Steel, Tech Mahindra, Titan, Bajaj Finserv, Tata Motors, Bharti Airtel and Bajaj Finance were among the laggards.
Tata Consultancy Services dropped 1.10 per cent after its September quarter results. TCS also announced the launch of an Artificial Intelligence (AI) Experience Zone and Design Studio in London.
"Indian equities closed higher, led by strong gains in banking and pharmaceutical stocks. Investor sentiment improved after the government invited private sector professionals to lead State Bank of India," Vinod Nair, Head of Research, Geojit Investments said.
Pharma stocks rallied as the US revived the Biosecure Act, aiming to cut biotech ties with flagged foreign firms, especially from China, providing a strong boost to Indian CDMOs, Nair added.
Realty, pharma, and banking shares led the advance, while metal and IT shares closed lower.
Among sectoral indices, realty jumped 1.72 per cent, telecommunication by 1.13 per cent, healthcare by 0.99 per cent, Utilities by 0.98 per cent, Bankex by 0.97 per cent, Consumer Durables by 0.71 per cent, Power by 0.70 per cent and Services by 0.66 per cent.
On the other hand, Metal, Commodities, Oil & Gas , and Focussed IT were the laggards.
As many as 2,474 stocks advanced while 1,706 declined and 163 remained unchanged on the BSE.
"Nifty50 edged higher by 104 points to close at 25,285, amid improving global sentiment, supported by easing geopolitical tensions as Israel and Hamas agreed on the first stage of a ceasefire plan, along with signs of progress in a potential India–US trade deal," Siddhartha Khemka - Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd, said.
Renewed foreign portfolio investor (FPI) buying over the past three sessions (cumulating to Rs 2,830cr) also boosted sentiment. Additionally, India and the UK announced multiple collaborations across sectors including education, critical minerals, climate change, and defence, Khemka added.
"The up move was supported by a blend of domestic and global factors. Investor sentiment received a boost from TCS’s AI infrastructure expansion and the continued strength in banking majors," Ajit Mishra – SVP, Research, Religare Broking Ltd said.
Meanwhile, equity mutual fund inflows stood at Rs 30,421 crore in September, extending the moderation trend for the second consecutive month, as investors turned cautious amid market volatility and global uncertainties.
In Asian markets, Hong Kong's Hang Seng index, Tokyo's Nikkei 225 index, and Shanghai's SSE Composite index ended lower while Seoul's Kospi closed in the green territory. Equity markets in Europe were trading on a mixed note.
The US markets retreated from their record highs and closed lower on Thursday.
Foreign Institutional Investors (FIIs) bought equities worth Rs 1,308.16 crore on Thursday, according to exchange data.
Global oil benchmark Brent crude dipped 0.63 per cent to USD 64.81 a barrel.
On Thursday, the 30-share BSE Sensex climbed 398.44 points to settle at 82,172.10. The 50-share NSE Nifty jumped by 135.65 points to close at 25,181.80.
