Stock market gains over 1 per cent, investors get richer by Rs 6 lakh crore

Indian stock market on Friday rebounded strongly supported by positive global cues.

At close, the Sensex was up 918.60 points or 1.20% at 77,550.25, and the Nifty was up 275.50 points or 1.16% at 24,050.60.

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Among the sectors, Auto, Capital Goods, Consumer Durables, Realty, Power, FMCG, PSU Bank, Metal, PSU Bank, Private Bank added 1-2%. On the other hand, IT index shed 1.7%.

In the IT stocks, Wipro shares rose 1%, and Tata Consultancy Services (TCS) declined 2.5%.

Bank shares rebounded from the previous session’s losses, rising up to 3%.

ICICI Bank emerged as the top gainer rising 3.3%. Federal Bank and Axis Bank gained 2.38% and 2.34%, respectively.

State Bank of India, HDFC Bank, Punjab National Bank and Kotak Mahindra Bank were trading higher by 1-2%.

On Nifty, the key gainers were were Asian Paints, Eicher Motors, ICICI Bank, Bajaj Auto, Shriram Finance. The losers included Coal India, Sun Pharma, Infosys, TCS, Tech Mahindra.

Nifty Midcap and Smallcap indices rising 1.5 percent each.

Investors earned about Rs 6 lakh crore as the overall market capitalisation of BSE-listed firms rose to Rs 451 lakh crore from nearly Rs 445 lakh crore in the previous session.

On BSE, over 100 stocks touched their 52-week high. These included Adani Energy, Ather Energy, ABB India, Hitachi Energy, Cummins India, Titan Company, MCX India, Anand Rathi, Natco Pharma, among others.

Defence-related shares rallied up to 16%. Bharat Forge and Dynamatic Technologies advanced 3.43% and 2.9% while Hindustan Aeronautics, Mazagon Dock Shipbuilders and Paras Defence and Space Technologies were trading higher by 1–2%.

SpiceJet shares hit the upper circuit for the third consecutive session locked in the 5 percent upper circuit at Rs 12.27.

In a week, Sensex and Nifty gained nearly 6 percent each, marking their best weekly performance snapping a six-week losing streak.