Indian markets rebounded strongly on Friday, driven by buying across sectors, with IT, banking, and Reliance Industries leading the rally. The S&P BSE Sensex rose 2.54% to 79,117.11, while the Nifty closed up 2.39% at 23,907.25.
Top Contributors:
ICICI Bank, Reliance Industries, SBI, Infosys, ITC, and L&T were key drivers of the Sensex rally.
ITC, TCS, Bharti Airtel, and Bajaj Finance also supported the momentum.
Key Factors Behind the Rally:
1. IT Stock Surge: The Nifty IT index rose nearly 3.3%, boosted by strong US labor market data, indicating a rebound in job growth and favorable conditions for Indian IT firms.
2. Adani Stocks Rebound: Adani Group stocks recovered, with Ambuja Cement up 4%, leading the pack, after initial losses earlier in the session.
3. Buying the Dip: Investors took advantage of recent market declines, especially in mid and small-cap stocks, reflecting confidence in long-term recovery.
4. Global Market Boost: Indian equities followed global markets higher, with gains in Japan, Korea, Australia, and the US, providing a positive external environment.
5. PSU Bank Stocks: The Nifty PSU Bank Index rose nearly 3%, led by State Bank of India and Bank of Baroda, as investor confidence returned.
6. Maharashtra Election Hopes: Market sentiment was buoyed by expectations of a favorable result in Maharashtra’s Assembly elections, potentially influencing policy decisions and investor sentiment.
