Markets rise for 2nd day; Sensex, Nifty climb nearly 1% amid firm global trends

AgenciesUpdated: Friday, June 24, 2022, 05:07 PM IST
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Markets rise for 2nd day; Sensex, Nifty climb nearly 1% amid firm global trends | pexels

Benchmark equity indices Sensex and Nifty rose by nearly 1 per cent on Friday, extending gains for a second day on the back of buying in banking, financials and energy stocks in line with firm global trends.

The 30-share BSE Sensex advanced further by 462.26 points or 0.88 per cent to settle at 52,727.98. During the day, it rallied 644.15 points or 1.23 per cent to 52,909.87.

The Nifty gained 142.60 points or 0.92 per cent to settle at 15,699.25. Sensex and Nifty had recovered nearly 1 per cent Thursday.

From the Sensex pack, M&M, IndusInd Bank, Bajaj Finance, Hindustan Unilever, ICICI Bank, Bharti Airtel, Reliance Industries and Tata Steel were the major gainers.

On the other hand, Tech Mahindra, Infosys, HCL Technologies, TCS, Wipro and Sun Pharma were the laggards.

Elsewhere in Asia, markets in Tokyo, Seoul, Hong Kong and Shanghai ended with sharp gains.

European markets were also trading in the green in mid-session deals.

The US markets had ended with gains on Thursday.

"Mirroring a firm trend in the global market and in response to declining commodity prices, the domestic market maintained its positive trend. The up-move was supported by broad-based buying except in IT," said Vinod Nair, Head of Research at Geojit Financial Services.

International oil benchmark Brent crude rose by 1.11 per cent to USD 111.27 per barrel.

Prashanth Tapse, Vice President (Research), Mehta Equities Ltd. said, “Risk appetite seemed to have returned in the market, as Nifty joined the conga-line of rising global stock markets. The bulls maintained firm footing in today’s trade and the positive takeaway was that the auto index was in top gear, rallying nearly 2%. The market can move up for some time, but we suspect — exhaustion will occur and when that happens we will see a major correction. Technically with interweek perspective, Nifty’s biggest support is seen at 15363 and below the same, expect a waterfall of selling, while major hurdle is seen at 15807 and then all eyes will be on the 16157 mark. We suspect Bank Nifty to outperform Nifty in next week’s trade.”

Foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold shares worth Rs 2,319.06 crore on Thursday, as per exchange data.

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