Stock market today: Sensex surges 300 points to 72,356, Nifty at 21,991

In a striking display of bullish momentum, the Indian stock market commenced Friday’s trading session on a high note, with the Sensex surging by more than 300 points. This significant upswing was fueled by positive global cues, which injected optimism into investor sentiments across the board.

The 30-share Sensex, a key barometer of the Indian equity market, witnessed a notable uptick of 306.34 points, or 0.43 percent, reaching an impressive milestone of 72,356.72 points. Simultaneously, the broader Nifty index also demonstrated strength, climbing 81.05 points, or 0.37 percent, to touch 21,991.80 points.

Among the constituents of the Sensex, 22 stocks traded in the green during the early hours of trading. Notably, Mahindra & Mahindra and Tata Motors emerged as standout performers, registering jumps of more than 2 percent, further bolstering market optimism.

In the Nifty pack, 40 scrips experienced gains in the initial trading session, reflecting broad-based positivity across sectors. Deepak Jasani, Head of Retail Research at HDFC Securities, attributed this favorable market sentiment to positive trends in the Asia-Pacific region, driven by overnight gains on Wall Street.

This surge in optimism follows a report indicating a more significant-than-expected decline in US retail sales data for January. The unexpected downturn in retail sales provided relief to investors grappling with concerns over higher-than-anticipated inflation figures, prompting renewed confidence in equities.

Thursday marked the third consecutive session of gains for both the Sensex and the Nifty. The Sensex climbed 227.55 points to close at 72,050.38 points, while the Nifty rose 70.70 points, ending the day at 21,910.75 points.

However, despite the positive market momentum, Foreign Institutional Investors (FIIs) were net sellers on Thursday, offloading shares worth Rs 3,064.15 crore. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, noted that FIIs sold equities worth Rs 6,993 crore in the cash market, while Domestic Institutional Investors (DIIs) countered with purchases worth Rs 5,173 crore.

Looking ahead, Vijayakumar cautioned that the trend of FII selling may persist due to the high 10-year US bond yield of 4.24 percent. Nevertheless, he remains optimistic about continued DII buying, given the robust inflows into DIIs, which could help sustain the market’s upward trajectory in the coming sessions.

The robust performance of the Indian stock market in the face of global uncertainties underscores the resilience and attractiveness of Indian equities for investors seeking growth opportunities amid volatile global markets.

This article serves as a testament to the dynamism and resilience of the Indian stock market, propelled by positive sentiment and robust fundamentals, amidst a backdrop of global economic challenges. As the trading day progresses, all eyes remain firmly fixed on the evolving market dynamics and the potential for further gains in the days to come.

Disclaimer: This article is for informational purposes only and should not be construed as investment advice. Readers are encouraged to conduct their research and consult with financial professionals before making investment decisions.

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