Mumbai: Equity benchmark indices Sensex and Nifty experienced significant gains on Friday, reflecting a global market upswing driven by increasing expectations that the US Federal Reserve will reduce interest rates next week. The positive sentiment was further bolstered by hopes for a successful conclusion to the India-US trade negotiations. For the fifth consecutive day, the 30-share BSE Sensex rose by 355.97 points or 0.44 percent, closing at 81,904.70. During the trading session, it reached a peak of 81,992.85, up by 444.12 points or 0.54 percent. The 50-share NSE Nifty also increased, climbing 108.50 points or 0.43 percent to 25,114, marking its eighth consecutive day of gains.
“The domestic market concluded at a three-week high, buoyed by renewed global optimism regarding a potential Fed rate cut. Sentiment improved further with reports suggesting that the EU might dismiss US tariff proposals on India for purchasing Russian oil. Progress in US-India trade talks is anticipated to sustain the positive momentum in the short term. The defense sector excelled, supported by Indian procurement authorities initiating discussions for six next-generation conventional submarines,” stated Vinod Nair, Head of Research at Geojit Investments Limited. Over the week, the BSE benchmark surged by 1,193.94 points or 1.47 percent, while the Nifty rose by 373 points or 1.50 percent. In the past eight trading days, the Nifty has gained 534.4 points or 2.17 percent.
Among the Sensex constituents, Bharat Electronics, Bajaj Finance, Bajaj Finserv, Axis Bank, Maruti, and Tata Motors were notable gainers. Conversely, Eternal, Hindustan Unilever, Trent, and Titan lagged behind. The BSE smallcap index advanced by 0.27 percent, while the midcap index saw a slight increase of 0.09 percent. Sector-wise, capital goods rose by 1.76 percent, followed by industrials at 1.28 percent, telecommunications at 0.88 percent, BSE utilities at 0.53 percent, power at 0.44 percent, and BSE Focused IT at 0.36 percent.