Indian markets closed higher today after following positive cues from global peers. It was well needed after a 3-day losing streak and losses in the banking sector. Indian markets were led by a rebound in financials and IT stocks.
Sensex surged 496 points to settle at 71,683 while Nifty rose 160 points to end at 21,622.
Gainers and losers
In the Sensex pack, Bharti Airtel, NTPC, Tech Mahindra, M&M, Tata Steel, UltraTech Cement, and Titan were the top gainers, rising 2-3.2%. On the other hand, IndusInd Bank, Kotak Bank, and HDFC Bank closed 0.8-3.2% lower.
Stocks in news
Indiamart Intermesh closed 6.8% higher after the company reported in-line quarterly earnings. Its revenue jumped 21% on-year to Rs 305 crore, and operating profit came in at Rs 77 crore, led by lower employee costs during the quarter.
Metro Brands closed nearly 4% lower after the footwear retail chain reported a 12.6% decline in consolidated net profit to Rs 98.8 crore for Q3 ended December 2023.
Global stocks firmed on Friday. There was a rally seen in the computer chipmakers. In Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan rallied 1.17% on Friday but was still down 2.7% for the week.
Oil and rupee
Oil rose as Middle East tensions and oil output disruptions caused by cold weather in the US overshadowed concerns about the health of the Chinese and global economy.
Brent crude futures were at $79.53 a barrel while US WTI futures were at $74.41 per barrel. The Indian rupee closed stronger on Friday, supported by dollar sales from foreign banks. The rupee closed at 83.0650 against the US dollar.