Mumbai, Nov 22: On the final trading day of the week, domestic stock markets recovered their earlier losses, buoyed by positive global cues, including signs of strength in the U.S. labor market and upbeat sentiment in other Asian markets.
By the close of trading on Friday, the Nifty 50 at the National Stock Exchange (NSE) finished at 23,907.25, gaining 557.35 points, while the BSE Sensex reached 79,117.11, up by 1,961.32 points. Both indices surged over 2%, with the Nifty climbing 2.39% and the Sensex rising 2.54%.
The stock markets opened with gains, fueled by rallies in other Asian markets. On NSE, the top performers included State Bank of India, Titan, Bajaj Finance, ITC, and TCS. However, Bajaj Auto saw declines. All sectoral indices on the NSE ended the day in positive territory, with the exception of the Media sector.
The IT sector saw the strongest performance, advancing by 3.29%, followed closely by realty, which rose by 3.17%. The PSU banking index climbed by 2.99%, while FMCG increased by 2.27%. In a notable development, stocks of the Adani Group recovered from previous losses and ended in positive territory, following a challenging session the day before, when the group’s stocks had dropped amid charges from the U.S. Department of Justice and the U.S. Securities and Exchange Commission.
"The markets rebounded from a significant support level. Over the last two days, foreign portfolio investors (FPI) had been building positions in the futures market, and today, this activity extended to the cash markets as well. This rally seems to be a technical bounce from deeply oversold levels, without any major fundamental changes," remarked Ajay Bagga, a banking and market expert, reflecting on the day's market performance.
