Stock Market: Sensex, Nifty Close Trading In Green, IT Soars Over 2%

The Nifty Smallcap 50 led the indices with gains of 1.42 per cent, followed by the Nifty Smallcap 100 and Smallcap 250 indices, both up by 1.08 per cent and 1.02 per cent, respectively.

The two key equity benchmarks, Sensex and Nifty on Friday, closed in green as markets closed for the Christmas weekend. The BSE Sensex climbed over 200 points to settle at 71,106.96, while the NSE Nifty50 gained over 90 points to close trading at 21,349.40. 

On the 30-share Sensex platform, Wipro, HCL Tech, Tata Motors, Maruti, and Tech M emerged among the gainers. On the other hand, SBI, Bajaj Finance, ICICI Bank, HDFC Bank, and Axis Bank were some of the losers as trading ended. 

The broader markets ended trading in green. The Nifty Smallcap 50 led the indices with gains of 1.42 per cent, followed by the Nifty Smallcap 100 and Smallcap 250 indices, both up by 1.08 per cent and 1.02 per cent, respectively.

Sectorwise, the Nifty IT index gained 2.27 per cent during the day, followed by the Nifty Metal and Auto indices, both up by 1.71 per cent and 1.37 per cent respectively. Among the losers, the Nifty Bank and PSU Bank indices dipped 0.73 per cent and 0.69 per cent respectively. 

In the previous session on Thursday, both equity benchmarks closed higher in a volatile session amid buying in select financials, metals, and power stocks, HDFC Bank, and Reliance Industries. The S&P BSE Sensex, which hit an intraday low of 69,920, closed at 70,865, up 359 points. On the other hand, the NSE Nifty50 ended at 21,255, up 105 points. 

Vinod Nair, head of research, Geojit Financial Services, noted, "The 'buy on dips' strategy continues to drive investors during the subdued week. Mid and small caps remain in the limelight, benefiting from ease in oil prices and the anticipation of a potential rate cut in CY24, supported by slower-than-expected US GDP growth and weakness in the dollar, signalling early rate cuts."

Meanwhile, the rupee appreciated 12 paise to settle at 83.15 (provisional) against the US dollar on Friday, amidst a weak American currency and positive domestic equity market sentiment. Forex traders noted that the Indian currency, however, remained under pressure owing to a continuous upward movement in the crude oil prices, triggered by evolving geopolitical situations and outflow of foreign funds. The domestic currency touched 83.25 against the greenback in morning trade and traded in the range of 83.11 to 83.27 against the dollar, before settling at 83.15 (provisional). On Thursday, the Indian rupee settled at 83.27 against the American dollar. 

Global oil price benchmark Brent crude climbed 0.97 per cent to $80.16 per barrel. Foreign institutional investors (FIIs) were net sellers in the equity market on Thursday as they offloaded shares worth Rs 1,636.19 crore, according to exchange data.