Value buying pushes Nifty to record peak
Rally in bluechips halts 5-day losing streak
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![Value buying pushes Nifty to record peak Value buying pushes Nifty to record peak](https://www.bizzbuzz.news/h-upload/2024/07/27/1934244-stocks.webp)
Rebound:
- BSE Sensex jumped 1,292.92 pts or 1.62% to 81,332.72
- During the day, Sensex soared 1,387.38 pts or 1.73% to 81,427.18
- NSE Nifty surged 428.75 pts or 1.76% to all-time closing high of 24,834.85
- All Sensex shares except for Nestle closed in green
- Airtel, Adani Ports, Sun Pharma, Tata Steel, HCL Tech, Infosys, JSW Steel and M&M were big gainers
- FIIs offloaded equities worth Rs2,605.49 cr on Thu
Mumbai: Benchmark Sensex rebounded by 1,293 points, while NSE Nifty shot up to a record high on Friday, cutting short the five-day losing streak on heavy value buying at lower levels and a rally in blue-chips like Infosys, Airtel and Reliance Industries.
The 30-share BSE Sensex jumped 1,292.92 points or 1.62 per cent to settle at 81,332.72. During the day, it soared 1,387.38 points or 1.73 per cent to 81,427.18. The NSE Nifty surged 428.75 points or 1.76 per cent to settle at an all-time closing high of 24,834.85. As many as 47 of Nifty constituents closed in green, while three ended lower. Sensex and Nifty had been on a decline since Friday last. Sensex tumbled 1,303.66 points or 1.60 per cent, while the Nifty declined 394.75 points or 1.59 per cent in five straight days of losses to Thursday. “Investors are adopting buy-on-dip strategy, refocusing on quarterly earnings and stock-specific trends. Notably, gains were observed across sectors, with Metals and IT leading, and midcaps outperforming,” said Vinod Nair, head (research), Geojit Financial Services.
All the Sensex shares except for Nestle closed in green on Friday.
“This surge was fueled by improved sentiment following robust performances in IT and Metal stocks, as well as significant rollovers to the August series. Broader indices also reflected this strength, showing substantial gains,” Ajit Mishra, Sr V-P (research), Religare Broking Ltd.
In the broader market, all the indices ended higher with the BSE midcap gauge soared 2.12 per cent and smallcap index rallied 1 per cent.
“The domestic market experienced a substantial rebound on the start of the next month expiry, recovering from the recent losses incurred following the Union Budget. This upturn was driven by positive reactions to the better-than-expected US GDP, which augurs well for global demand,” added Nair.
Bharti Airtel was the biggest gainer, rising by over 4.51 per cent. Adani Ports, Sun Pharma, Tata Steel, HCL Technologies, Infosys, JSW Steel and Mahindra & Mahindra were the other big gainers. Nestle was the only loser, closing lower by 0.07 per cent. Telecommunication jumping 3.36 per cent, metal (3.19 per cent), teck (2.76 per cent), auto (2.35 per cent), commodities (2.26 per cent) and healthcare (2.10 per cent). As many as 2,652 stocks advanced while 1,286 declined and 102 remained unchanged on the BSE.
On the weekly front, the BSE benchmark rose by 728.07 points or 0.90 per cent and the Nifty climbed 303.95 points or 1.23 per cent. In Asian markets, Seoul, Shanghai and Hong Kong settled higher while Tokyo ended lower. European markets were also trading in positive territory. The US markets ended mostly lower on Thursday. Global oil benchmark Brent crude declined 0.40 per cent to USD 82.04 a barrel. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,605.49 crore on Thursday, according to exchange data.