Stock Market Today: Sensex Settles Over 550 Points Higher, Nifty At 23,350

All sectoral indices, except for consumer durables and metals, ended in the green, with oil & gas, media, and telecom sectors each gaining 2 per cent

The broader markets saw strong buying from retail investors, propelling the Nifty Smallcap 100 and Nifty Midcap 100 indices up by 1-2 per cent

Source : ABPLIVE AI

Indian equity indices shrugged off weak global markets and extended their gains for the fifth consecutive session on Friday, with the Nifty crossing the 23,400 mark intraday, driven by broad-based buying across sectors.

At the close, the Sensex rose by 557.45 points, or 0.73 per cent, to reach 76,905.51, while the Nifty gained 159.75 points, or 0.69 per cent, ending at 23,350.40. The market breadth was positive, with 2,684 stocks advancing, 1,179 declining, and 118 remaining unchanged. For the week, both the Nifty 50 and Sensex surged by just over 4 per cent each, marking their best performance in four years.

Major gainers on the Nifty included BPCL, ONGC, SBI Life Insurance, NTPC, and Bajaj Finance. On the other hand, Hindalco Industries, Wipro, Trent, Infosys, and Tata Steel were among the top losers. The BSE Midcap and Smallcap indices also saw gains, rising 1-2 per cent.

Sectorial Update

All sectoral indices, except for consumer durables and metals, ended in the green zone, with oil & gas, media, and telecom sectors each gaining 2 per cent.

Broader Market Update

The broader markets saw strong buying from retail investors, propelling the Nifty Smallcap 100 and Nifty Midcap 100 indices up by 1-2 per cent, outpacing their large-cap counterparts. The midcap index has also risen for five consecutive sessions, posting an impressive 8 per cent gain.

Expert Comment

"The primary driver of the rally has been FII buying in the cash market over the past two sessions, alongside a notable reduction in their short positions and an increase in long positions in the futures market. This shift appears to have instilled confidence among retail investors, leading to renewed buying in the broader market. The result is a smart rebound in mid and smallcap indices," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.