Stock Market Roars Back, Sensex Jumps 308 Points As Nifty Reclaims 23,000
Sensex surged 308 points to 74,459.53, while Nifty reclaimed 23,000. IT stocks drove gains as smallcaps rallied over 4 percent during the week despite weakness in banking and midcaps.
Sensex surged 308 points to 74,459.53, while Nifty reclaimed 23,000. |
Mumbai: Indian equity markets extended gains for the second consecutive session on Friday, October 30, with the Sensex jumping 308.49 points, or 0.42 percent, to close at 74,459.53.
The Nifty 50 climbed 116.35 points, or 0.51 percent, to settle at 23,053.10, comfortably reclaiming the crucial 23,000 mark.
Intraday Swings
The Sensex touched an intraday high of 74,742.59 and a low of 74,082.03. The Nifty moved between 22,905.10 and 23,118.10, reflecting volatility before recovering.
However, banking and broader markets remained under pressure. Bank Nifty slipped 223 points to 54,687, while the midcap index declined 540.4 points to 57,301.
IT Stocks Shine
Technology stocks powered the rally for the second straight session, with Wipro and Infosys emerging among Nifty's leading gainers.
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IndiGo surged over 4 percent, supported by positive brokerage commentary. Jio Platforms also recovered during trading.
Strong quarterly earnings lifted Navin Fluorine over 5 percent, Laurus Labs more than 7 percent and Borosil 20 percent.
Suzlon Takes Hit
Suzlon Energy plunged nearly 8 percent following a downward revision in company guidance.
Equitas Small Finance Bank declined over 6 percent amid reports concerning its managing director and CEO's resignation.
Meanwhile, Ather Energy extended its winning streak, gaining over 27 percent during the week.
Weekly Recovery
Despite mixed sectoral performance on Friday, the market staged a recovery from the previous week's losses.
The Nifty gained nearly 2 percent during the week, while the smallcap index surged over 4 percent.
Pharmaceutical stocks dominated sectoral gains, with Nifty Pharma climbing more than 7 percent. Realty stocks also attracted buying interest.
Winners And Losers
Laurus Labs, Mankind Pharma, JSW Energy, Nykaa and Apar Industries emerged as prominent weekly midcap gainers.
Suzlon Energy, Supreme Industries, AU Small Finance Bank and Bharat Dynamics featured among the major laggards.
Trent, Dr Reddy's Laboratories, Adani Ports and Eternal were among the week's notable large-cap performers.
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