Indian stock markets bounced back from huge losses on Friday as both Sensex and Nifty 50 gained by huge margins. Positive outlook from investors regarding recent interest rate hike by reserve bank of India and great resistance shown by Indian economy against global headwinds helped Indian capital markets post huge profits today.
Reserve Bank of India had earlier hiked benchmark interest rate, repo rate, by 50 basis points to 5.90%. The recent rate hike by the central bank is fourth straight hike by the central financial institution which has been trying hard to control high inflation in the Indian economy. Statistics and historical numbers suggests that reserve bank of India has hiked repo rate by 190 basis points since May 2022. The rate hike by RBI was in line with the expectations of the market and investors which encouraged traders and investors to actively trade in Indian equity markets.
Sensex of the Bombay Stock Exchange gained 1,016.96 (1.80%) points on Friday to close the markets at 57426.92 points. Sensex which closed at 56,409.96 on Thursday went as high as 57,722.63 on Friday.
Top gainers on Sensex were Reliance Industries, HDFC Bank, Bajaj Finance, ICICI Bank and Kotak Mahindra Bank. All banking stock including Axis Bank, Indus Ind Bank and State Bank of India made gain on Friday.
Top losers on Friday were Asian Paints, Indian Tobacco Company, Dr Reddy’s Lab, Hindustan Unilever and Tech Mahindra.
Out of 30 stocks listed on Sensex, 25 stock advanced on Friday while 5 stocks suffered losses.
Benchmark index of National Stock Exchange, Nifty 50 rose today by 276.25 points to close markets at 17,094.35 points. Decision by Reserve Bank of India to increase repo rate in the country and renewed interest of foreign institutional investors and domestic investors towards buying Indian stock helped Nifty 50 cross 17000 mark today.
Top gainer are Hindalco, Bharti Airtel, Indus Ind Bank. Bajaj Finance, Kotak Mahindra Ban k and Titan Company.
Asian Paints, Shree Cements, Coal India, Dr Reddy’s Labs, Britannia and Indian Tobacco Company were top losers on Friday at Nifty 50.
Out of 50 stock l;listed on Nifty 50, 41 stock advanced on Friday while rest of 9 stock concluded trading in red.