Sensex, Nifty rally around 1% on strong macro data, global cues; metal, power shares lead gains

JSW Steel (3.37%), Tata Steel (3.33%), Maruti (3.24%), Power Grid (3.07%), IndusInd Bank (2.95%), Bajaj Finance (2.12%) and Tech Mahindra (2.22%) were among major gainers.

September 01, 2023 04:45 pm | Updated 04:45 pm IST - Mumbai

Representational image

Representational image | Photo Credit: PTI

Equity benchmark Sensex on Friday rallied around 556 points, logging its best single day in two months, while Nifty closed above the 19,400 level on value-buying in power, metal and oil stocks following strong domestic macro data and global cues.

The BSE barometer closed higher by 555.75 points or 0.86% at 65,387.16 with 26 of its constituents ending in the green.

The index opened higher and later touched a high of 19,435.30 in day trading. It touched a low of 64,818.37.

The Nifty spurted by 181.50 points or 0.94% to close at 19,435.30. As many as 44 Nifty stocks advanced while six declined.

NTPC was the lead gainer among Sensex stocks, rising by 4.84%.

JSW Steel (3.37%), Tata Steel (3.33%), Maruti (3.24%), Power Grid (3.07%), IndusInd Bank (2.95%), Bajaj Finance (2.12%) and Tech Mahindra (2.22%) were among major gainers.

On the other hand, Ultratech Cement, Sun Pharma, Nestle and L&T were the losers.

Vinod Nair, Head of Research at Geojit Financial Services said, "Domestic markets made significant gains, buoyed by favourable global cues, a higher-than-expected domestic manufacturing PMI, and positive GDP growth data."

This robust economic outlook propelled key manufacturing sectors to lead the rally, while strong sales figures generated increased interest in auto stocks, Nair added.

Official data released on Thursday showed that the Indian economy grew 7.8% in the June quarter, mainly on the back of double-digit expansion in the services sector, and retained its position as the world's fastest-growing major economy.

In Europe, Britain's FTSE 100 rose 0.5%, France's CAC 40 edged up nearly 0.1% while Germany's DAX was little changed. Gains in US futures supported the positive sentiment. Dow futures was up 0.3% and S&P 500 futures rose 0.2%.

Among Asian markets, Japan's benchmark Nikkei 225 rose 0.3%, South Korea's Kospi added 0.3% and the Shanghai Composite added 0.4%.

Global oil price benchmark Brend Crude futures surged 1.26% to $87.92 per barrel.

On Thursday, Foreign Institutional Investors (FIIs) were net sellers of domestic equities as they offloaded shares worth ₹2,973.10 crore, as per exchange data.

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