NIFTY50, SENSEX rebound to close 1% higher; auto stocks race ahead

On Friday, the NIFTY50 and SENSEX closed positively. The NIFTY50 index ended the day in green, up by +1.04% or 250.50 points, and the SENSEX soared by 819 points to settle at 79,705.91. Bank Nifty settled at 50,484.50 level, gaining +0.65%. The India VIX declined by -7.45% to close at 15.37.

Today’s positive upmove was mainly driven by Reliance, Infosys, and M&M. On a weekly basis, the NIFTY50 continued its downtrend, finishing the week lower by -1.42%, and Sensex slipped by -1.58%.

Key triggers for Friday’s rally

On the global front, encouraging US labour market data brought some relief to investors worried about a slowing economy.

In the afternoon session, the latest RBI survey report boosted market sentiments. The report showed that households’ optimism on economic conditions for the year ahead remained positive, though it came down from the previous survey round.

Shares of Ola Electric Mobility, an electric two-wheeler manufacturer, closed 20% higher at the upper circuit limit on Friday, the first day of listing.

The stock made its debut at par with the issue price of ₹76 on the National Stock Exchange (NSE). However, the scrip made a remarkable comeback and jumped 20% to ₹91.2 to hit the upper circuit.

Top gainers & losers

In the NIFTY50 space, 45 stocks advanced, 4 stocks declined, and one remained unchanged. Eicher Motors (+5.68%), M&M (+3.05%), Shriram Finance (+2.88%), Tata Motors (+2.81%), and Tech Mahindra (+2.63%) were the top gainers. Laggards included HDFC Life (-1.09%), Kotak Bank (-0.16%), Maruti Suzuki (-0.12%), and Sun Pharma (-0.10%).

Index movers

Coming to the NIFTY50 index pullers and draggers, Reliance (+36.62 pts), Infosys (+22.52 pts), M&M (+17.98 pts), SBI (+14.72 pts) and HDFC Bank (+12.44 pts) were the only pullers of the day. Draggers included HDFC Life (-1.85 pts), Kotak Bank (-0.97 pts), Sun Pharma (-0.44 pts), and Maruti Suzuki (-0.44 pts).

Broader indices

Today, the broader market ended on a positive note. Nifty Midcap 100 gained +0.87%, and the Nifty Smallcap 100 index gained +0.56%. Market breadth was strong on Friday as the advancing stocks outnumbered the declining stocks.

Asian markets

On Friday, Asian markets closed positively. The Hang Seng surged by +1.17%, the Kospi gained +1.24%, and the Nikkei 225 ended up by +0.74%. Meanwhile, the Shanghai index closed down by -0.27%.

As of 3:43 PM: The Dow Jones futures were trading flat,up +14 points at 39,615.