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Sensex rises 130 pts, Nifty closes shy of 17,700; metal, energy shares gain

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The stock market ended higher on Friday, led by positive global cues. Sensex rose 130 points to 59,462 and Nifty closed 40 points higher at 17,699. Of 30 Sensex stocks, 13 ended in the green. NTPC, Tata Steel and PowerGrid were the top Sensex gainers, rising up to 3.26 per cent.

Infosys, Maruti Suzuki and L&T were the top Sensex losers, falling up to 1.56 per cent.

Vinod Nair, Head of Research at Geojit Financial Services said, “Return of FIIs and declining dollar index aided the market rally. While Metals and Oil & Gas garnered buying interest, IT and pharma weighed on sentiments. Oil and gas stocks were in focus as the government diverted some natural gas from industries to city gas operators in an effort to moderate the prices of CNG and piped cooking gas”.

Mid-cap and small-cap indices on BSE gained 37 points and 108 points, respectively. Metal and oil and gas stocks were the top sectoral gainers with their BSE indices zooming 334 points and 476 pts, respectively.

Share Market update: Sensex rises 130 pts, Nifty at 17,700; Tata Steel, NTPC top gainers

Market breadth was positive with 1,809 stocks ending higher against 1,581 stocks falling on BSE. 153 shares were unchanged.

Market cap of BSE-listed firms rose to Rs 275.08 lakh crore.

Arijit Malakar, Head of Retail Research at Ashika Group said, “Indian market ended in positive after a highly volatile session. Today the market remain volatile as the market tracked the mixed global cues and ahead of retail inflation data which is going to be out at the end of the day. In spite of rising rates of inflation, India is expected to have the fastest economic growth of any nation around the world in 2022 and that bringing back investor’s confidence towards the market. Foreign investors continue to remain the net buyers in the Indian market since the middle of July. Respite in commodity prices, decline in US inflation and expectation of less hawkish stance by US Federal reserve are likely to drive the market in near term. Continuous buying from foreign investors has supported the rupee and help in improving the macro dynamics.”

Foreign institutional investors remained net buyers in the capital markets as they bought shares worth Rs 2,298.08 crore on Thursday, as per exchange data.

Previous Session

The stock market ended higher on Thursday, led by positive global cues. Sensex rose 515 points to 59,332 and Nifty closed 106 points higher at 17,640.

Global Markets

European shares opened higher after a mixed day in Asia on Friday following another encouraging report about US inflation.

Britain’s FTSE 100 gained 0.6 per cent to 7,507.81 and the DAX in Germany also climbed 0.6 per cent, to 13,775.16. In Paris, the CAC 40 added 0.5 per cent to 6,574.96.

In Asia, Tokyo’s Nikkei 225 added 2.6 per cent to 28,546.98. Seoul’s Kospi edged 0.2 per cent higher to 2,527.94 and the Hang Seng in Hong Kong picked up 0.4 per cent to 20,175.62.

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