Final Trade: Sensex ends 759 pts up, Nifty reclaims 24,100; Airtel jumps 6%, Sun Pharma shines
Sensex rallies 800 points to 79,843, Nifty crosses 24,150; pharma index up 2 percent, Adani stocks jump 9 percent, and Enviro Infra Engineers lists at 49 percent premium.
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Indian equity markets rebounded sharply on Friday, with benchmark indices recouping losses from their steepest drop in nearly two months. The Sensex surged over 800 points to trade at 79,843, while the Nifty rose past 24,150, reflecting strong buying sentiment across sectors.
The pharma sector emerged as a key driver, with the Nifty Pharma index climbing two per cent, buoyed by gains in Sun Pharma and Cipla. Media stocks also contributed to the uptick, helping markets stay resilient amid global uncertainties.
Key market highlights
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Enviro Infra Engineers debuted with a 49 per cent premium over its IPO price, marking a strong listing.
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Suraksha Diagnostic IPO opened for subscription, drawing attention from investors.
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Easy Trip Planners soared 12 per cent as the stock traded 1:1 ex-bonus today.
The market's recovery underscores optimism ahead of the monthly derivatives expiry. Broader indices also performed well, with advances outpacing declines, signalling robust participation across sectors.
Vinod Nair, Head of Research, Geojit Financial Services says, "A large-cap-driven, broad-based rally ensued in the domestic market. Discretionary sectors performed well, benefiting from the festive season. The pharma and healthcare sectors saw renewed growth, supported by strong earnings and a moderation in valuations after recent corrections. Additionally, the anticipated slowdown in India's Q2 GDP to 6.5% has already been reflected in Q2 corporate earnings, which the market appears to have discounted. Meanwhile, global sentiment remained subdued due to the appreciation of the Japanese yen, as inflation stayed above the central bank's tolerance level."
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