Markets in Green

During Friday’s afternoon trading session, Indian stocks experienced a significant surge, primarily driven by the IT and financial sectors.

Analysts consider the current valuations to be appealing following a recent correction and are now waiting for key economic data to assess the trajectory of future interest rate increases.

According to a report released on Friday, the revenue growth of domestic IT firms in FY24 is likely to be severely impacted by global macroeconomic challenges and challenges faced by the financial sector.

On the sectoral front, the Nifty IT index is trading 2% higher. Heavyweights Bank and Financial stocks are also trading with about 2% gains. All other sectoral indices are also in high spirits today.

At around 2.00 PM, BSE Sensex is trading 977 points higher at 58,937. NSE Nifty is trading up by 275 points at 17,352.

Bharat Electronics’ stock price rose by over 7% after securing multiple Ministry of Defence orders.

Reliance Industries’ stock surged over 4% as top NSE gainer, after the company started demerging process of its financial services business.

ICICI Bank is trading 3% higher on gainer’s chart, followed by Infosys (+2.85%), Nestle India (+2.70%), and Tata Motors (+2.48%).

Apollo Hospital (-0.57%), Sun Pharma (-0.39%), Asian Paint (-0.38%), Titan (-0.10%) and Bajaj Finance (-0.06%) fell marginally on the Nifty index, being top NSE losers.

Only 4 stocks declined on the nifty index, while 44 advanced. 

Globally, Asian equity indices made gains on the back of robust economic data coming out of China. 

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