Equity benchmark indices made a strong comeback and gained over 2% on the back of a strengthening rupee against the US dollar and softening crude oil prices. The stock market opened gap up and maintained the bias till the end.
All Nifty Bank stocks surged to end higher with HDFC and Kotak Mahindra banks as the top gainers. All major sectoral indices closed with gains, except Nifty IT.
The broader market indices also participated in the move and ended strongly on the advancing side.
Shares of Power companies gained after media reports stated that the Supreme Court agreed to examine tariffs for Adani Power and Tata Power.
The Nifty Metal index rose 3.9%. Jindal Steel jumped 6% followed by JSW Steel, Hindalco, and Coal India.
Nifty Auto rallied over 3.9% led by Maruti Suzuki, Eicher, Apollo Tyres, Mahindra & Mahindra, and Motherson Sumi Systems.
Oil & gas stocks gained 3% led by HPCL, Reliance Industries, IGL, BPCL, Reliance Industries, and ONGC.
Aviation stocks extended their rally for the third consecutive trading session on Friday after the government slashed excise duty on jet fuel to 11% from 14%, effective October 11. Moreover, these shares were supported by lower international crude prices. Meanwhile, shares of SpiceJet, Interglobe Aviation, and Jet Airways ended 4-6% higher.
From the BSE midcap space, Tata Power, Edelweiss Financial, Reliance Infra, Adani Power, Reliance Power and Reliance Capital were the top gainers in today’s session. The index ended higher by 2.4%.