The Indian stock market bounced back from early losses to close in the positive zone on Friday. Tech stocks went up because people expect the U.S. to cut interest rates soon. Consumer stocks also recovered after a small drop of 1%, as the latest data showed that food prices in both urban and rural areas are still high.
The main Indian stock index, BSE Sensex, rose by 843.16 points (about 1.04%) to finish at 82,133.12. The Nifty 50 index also went up by 219.60 points (around 0.89%) to close at 24,768.30.
Vinod Nair, a senior analyst at Geojit Financial Services, said that the market quickly recovered from its low point and moved forward, helped by major companies in the index. The slight drop in food inflation and price increases by fast-moving consumer goods (FMCG) companies have helped this sector do well. There is a feeling that consumer spending will rise due to the upcoming festive season and year-end holidays.
Regarding the U.S. markets, major stock indexes had a mixed day. The S&P 500 remained almost the same, dropping by less than 0.1%. The Dow Jones fell by 0.2%, while the Nasdaq rose by 0.1%.
In Europe, stocks went down due to uncertainty about interest rates and worries about economic growth. The pan-European STOXX 600 index dropped by 0.53%.
Rupak De, a senior analyst at LKP Securities, shared that India’s equity market had a dramatic session with the Sensex’s weekly expiry. The Nifty found support at a key level before bouncing back up. He believes the trend remains strong, with the potential for a rise to 25,000 or more soon, while the lower support level is around 24,550.
Most Active Stocks:
The stocks that saw the most trading were Bharti Airtel (Rs 441.23 crore), Reliance Industries (Rs 139.13 crore), Zomato (Rs 101.48 crore), and others.
Most Active in Volume:
Stocks with the highest trading volume included Vodafone Idea (48.99 crore shares), YES Bank (9.73 crore shares), and IRB Infrastructure Developers (5.67 crore shares).
Stocks with Strong Buying Interest:
KPR Mill, Crisil, Westlife Foodworld, and Bharti Airtel were popular among buyers.
52 Week Highs:
A total of 227 stocks reached their highest prices in a year, while 35 stocks hit their lowest. Notable stocks hitting their highs include KPR Mill, Crisil, and HCL Tech.
Stocks Under Selling Pressure:
Some stocks that faced selling pressure were Phoenix Mills, KSB, and UCO Bank.
Market Sentiment:
The overall market feeling was neutral. Out of 4,105 stocks traded, 2,173 went down, 1,818 went up, and 114 remained unchanged
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