Markets find their feet, powered by financial stocks

Stock market benchmark indices Sensex and Nifty surged over 1 per cent on Friday, propelled by buying in banking counters and a positive trend in global equities. Investor sentiment improved amid hopes of further easing in the West Asia crisis ahead of US-Iran negotiations and lower crude prices, analysts said. After staying in the positive territory throughout the day, the 30-share BSE Sensex later jumped 918.60 points or 1.20 per cent to settle at 77,550.25. During the day, it surged 990.85 points or 1.29 per cent to 77,622.50. The 50-share NSE Nifty climbed 275.50 points or 1.16 per cent to end at 24,050.60.

The positive trend was led by buying in banking, auto and financial stocks, while IT counters saw some profit booking after TCS’ financial results. From the 30-Sensex firms, Asian Paints, ICICI Bank, Mahindra & Mahindra, InterGlobe Aviation, Axis Bank and State Bank of India were the major gainers. On the other hand, Sun Pharma, Infosys, Tata Consultancy Services, Tech Mahindra and HCL Tech were the laggards.

In Asian markets, South Korea’s benchmark Kospi, Japan’s Nikkei 225 index, Shanghai’s SSE Composite index and Hong Kong’s Hang Seng index ended higher. European markets were trading in positive territory. US markets ended higher on Thursday. “Indian equity markets closed the week’s final session on a positive note, with the Nifty experiencing a range-bound session with a bullish bias, gaining over 1 per cent as investors carefully priced in expectations of progress from the upcoming US-Iran negotiations, even as the ceasefire continued to remain uncertain. “However, markets maintained a firm undertone,” Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm, said.