The Indian stock market witnessed a rise for the second consecutive day on Friday. The market closed in the green on the basis of buying in IT and pharma stocks. At the end of trading, Nifty crossed the important level of 23,000, while Sensex registered a gain of more than 308 points. However, market momentum remained limited due to selling in midcap and smallcap stocks.
At the end of trading, BSE Sensex jumped 308.49 points or 0.42 percent and closed at 74,459.53. At the same time, Nifty 50 of National Stock Exchange also registered a gain of 116.35 points or 0.51 percent and closed beyond the important level of 23,053.10. However, despite the rise in leading heavyweight stocks, there was selling pressure in the broader market. A total of 1,311 shares rose in the market, while 2,862 shares declined and 170 shares closed unchanged.
Stormy boom in IT and pharma sectors
If we look at sectoral performance, IT and pharma sectors led the market rally, while smallcap and midcap indices of the broader market lagged behind. Due to all-round buying in IT shares, Nifty IT index closed at 32,606.90 with a strong rise of 2.32%. Pharma sectors also registered a gain of 1.55%. Whereas, Consumer Durables (-1.78%), PSU Bank (-0.93%), Media (-1.46%) and Energy sectors declined by more than 1 percent. Auto (-0.87%), Nifty Bank (-0.41%), FMCG (-0.62%), Metal (-0.54%) and Realty (-0.72%) also closed in the red.
Trent, Indigo and Infosys shine
The performance of selected giants in Nifty 50 stocks today was quite impressive. Trent closed at ₹3,017.30 with a surge of 5.44%. InterGlobe Aviation rose 4.33% to ₹4,877.60. Along with this, Infosys (+3.36%), Apollo Hospitals (+3.02%), PowerGrid (+1.92%), NTPC (+1.85%), HCL Tech (+1.72%) and Sun Pharma were also among the major top gainers. On the other hand, Shriram Finance (-2.13%) was the biggest loser. Apart from this, selling pressure dominated in Mahindra & Mahindra (-1.72%), Adani Ports (-1.18%), UltraTech Cement (-1.16%), Tata Steel (-1.10%), Adani Enterprises (-1.09%) and Coal India (-1.04%).
Also read- Shares of this Tata Group company jumped by almost 7%, the market cap of the company increased by ₹ 9,089 crore in one stroke.
SK Sharma is a content writer who writes on news, entertainment, and lifestyle topics. She has over four years of experience and is known for conveying information in simple and clear language.
