[ad_1]
The BSE Sensex gained 847.27 points, or 1.2%, to end at 72,568.45 points, off its all-time high of 72,720.96 points. The NSE Nifty index rose 247.35 points, or 1.14%, to close at 21,894.55 points, touching a record high of 21,928.25 points.
Enhance your technical capabilities through high-value skills courses
Provide Academy | course | website |
---|---|---|
Indian Institute of Technology Delhi | IITD Data Science and Machine Learning Certificate Course | access |
indian business school | ISB product management | access |
IIM Kozhikode | IIMK Advanced Data Science for Managers | access |
The Nifty IT index rose 5.1%, Infosys soared 8% and TCS rose 3.9% after the December quarter results were announced, amid comments that raised hopes that the environment may not deteriorate further.
Aamar Deo Singh, head of advisory at brokerage AngelOne, said: “The numbers are not outstanding, but sometimes the market applauds and there is no bad news.”
Foreign portfolio investors (FPIs) sold shares worth a net Rs 340.05 crore on Friday. Domestic institutional buyers amounted to Rs 2,911.19 crore.
Elsewhere in Asia, China fell 0.16% on Friday, Hong Kong fell 0.35%, South Korea fell 0.6% and Taiwan fell 0.2%, echoing Wall Street’s closing slightly lower after the U.S. consumer price index rose 0.3% to 3.4 in December. % growth compared with the same period last year, compared with expectations of 0.2% and 3.2% respectively.
Discover stories that interest you
fear measurement
This, coupled with higher-than-expected December employment data released last week, slightly weakened expectations for an early interest rate cut by the Federal Reserve, which was a key trigger for the market rally in the past few weeks. Financial markets expect the U.S. central bank to cut its key policy rate by 25 basis points at its March 19-20 meeting.
“Higher-than-expected U.S. inflation data provided a mild dampener as investors had been anticipating a U.S. interest rate cut in March 2024,” Singh said. “As quarterly earnings season begins, we may see what lies ahead. A more volatile trading day, so a cautious approach at current record levels is the way forward.”
Brent crude oil prices rose nearly 3% to $79.55 a barrel after the United States and Britain launched attacks on Yemen over recent Houthi attacks on ships in the Red Sea. The rebels, backed by Iran, have vowed revenge.
On Friday, the pan-European STOXX 600 index rose 0.84%.
Domestically, the NSE’s India VIX (fear index) rose 2.58% to 13.10, indicating traders were cautious about recent market gains. However, the index is down nearly 9.7% year to date after the market paused following December’s record gains.
Some analysts see no reason to temper their optimism in the short term.
Dharmesh Shah, head of technical research at ICICI Direct, said the Nifty may rise to 22,300 in a few weeks.
“We believe most of the constituents in the Nifty 50 index are performing positively and ‘buy on dips’ should be the strategy for traders in the market right now,” Shah said.
Broader markets also ended higher, with the Nifty Midcap 150 index rising 0.36% and the Nifty Smallcap 250 index rising 0.37%. Of the 3,942 shares traded on the BSE, 2,066 advanced and 1,787 declined.
[ad_2]
Source link