Sensex Surges 260 pts, Nifty Ends at 24,346.70; Oil & Gas, IT Stocks in Green
Sensex closed at 80,501.99, up 259.75 points or 0.32%, while Nifty soared 12.50 points or 0.05% at 24,346.70. Close to 1674 shares advanced, 2123 shares declined, and 131 shares unchanged.
Sensex Surges 260 pts, Nifty Ends at 24,346.70; Oil & Gas, IT Stocks in Green
The Indian Benchmark indices gained as rally in oil & gas, banking, and IT stocks kept the momentum in the afternoon session. However, declines in pharma, metal, and realty stocks kept the bulls at bay. Currently, investors are keeping a close watch on U.S. non-farm payrolls report, which is due at 12:30 GMT and Federal Reserve's comments on policy.
Sensex closed at 80,501.99, up 259.75 points or 0.32%, while Nifty soared 12.50 points or 0.05% at 24,346.70. Close to 1674 shares advanced, 2123 shares declined, and 131 shares unchanged.
“The surprising resilience of the market has been primarily driven by sustained FII buying for eleven trading sessions in a row, taking the cumulative FII inflow during this period to Rs 37,375 crore. This has been supported by weakness in the dollar and declining growth prospects in the US,” said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services. “Other positives include declining interest rates in India, a drop in crude prices, and green shoots of demand recovery. The high probability of India being among the five ‘allies’ of the US to enter early trade deals is also a significant boost,” he added.
Smallcap 100 and Midcap 100 indices fell by 0.7% and 0.1%, respectively. Both are down 6% and 12.5% from the start of the year.
On the sectoral indices front, Nifty IT ended in green. Shares including TCS, Infosys, and HCL Technologies surged by 1% after Cognizant Technology Solutions reported better-than-expected first-quarter results.
Bank Nifty also ended in green as several banking majors reported their quarterly earnings. State Bank of India shares soared 1% ahead of its Q4 earnings announcement.
Meanwhile, shares of Railtel Corporation surged by 7% after the company reported its Q4 earnings. The PSU posted a net profit of ₹113.4 crore in Q4FY25, up 46.3% YoY. Shares of Adani Ports surged by 4% in the early trade today, May 2. The integrated ports and logistics company reported a net profit of ₹3,025 crore, up from ₹2,015 crore in the same period last year.
