Image Source : PTI Stock market update
Indian markets witnessed heavy buying at the opening bell on Friday. The benchmark BSE Sensex jumped 789 points to reach 79,675, while the Nifty50 climbed by 0.98%, adding 235 points to settle at 24,352. The rally was driven by gains across all sectors, with IT stocks such as Tech Mahindra, Infosys, TCS, and HCL Tech leading the charge, each gaining around 2%.
Broader market strength
Broader markets also reflected the positive sentiment, with the MidCap index rising by 0.89% and the SmallCap index increasing by 0.90%. All sectoral indices were in the green, with Nifty IT, Nifty Metal, Nifty Auto, and Nifty Oil and Gas leading the performance charts.
Global market influences
Global cues also contributed to the positive momentum in the Indian markets. Asia-Pacific markets recorded gains, driven by improved investor sentiment from new U.S. labor market data that eased recession concerns following a significant market sell-off earlier in the week.
Japan’s Nikkei 225 advanced by 1.46%, while the broader Topix index rose by 1.53%. In South Korea, the Kospi increased by 1.49%, and the Kosdaq, focusing on smaller firms, surged by 2.93%. Australia’s S&P/ASX 200 also saw a rise of 0.72%.
Wall street rally
Overnight, U.S. markets saw a robust recovery, with the S&P 500 climbing by 2.3%, the Dow Jones Industrial Average rising by 1.76%, and the Nasdaq Composite increasing by 2.87%. The rally in the U.S. provided a strong foundation for the gains seen in Asian and Indian markets on Friday.
Key economic data ahead
Investors in Asia are also awaiting key economic data from China, with the release of the consumer price index (CPI) and producer price index (PPI) for July expected later today. These figures will be closely watched for further indications on the region’s economic outlook.
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