The Nifty and Sensex in India rose more than 1.5% on Friday, driven by robust purchases in heavyweights Reliance Industries, Infosys, ICICI Bank, and TCS. Reliance Industries, ICICI Bank, and Infosys contributed 50% of the Nifty’s movement on Friday.
“Indian markets rallied to catch up with global markets, which had seen two days of significant movement, while Indian markets were closed yesterday owing to a holiday. “Despite the markets rally this week, we expect that markets will remain unpredictable in the short term since the financial problems in the United States and Europe have not yet been fully resolved,” said Naveen Kulkarni of Axis Securities.
Following Friday’s advances, the Nifty finished March with gains, snapping a three-month losing record dating back to December. On Friday, the Sensex finished 1,031 points higher at 58,991, while the Nifty gained 279 points to settle at 17,359.
Nifty Bank gained almost 700 points intraday on Friday, finishing the day at 40,608. The Friday run raised investor wealth by Rs 3.5 lakh crore, as the BSE market capitalization rose from Rs 254.71 lakh crore to Rs 258.33 lakh crore.
Increases in Infosys, TCS, Coforge, Mphasis, and other companies drove the Nifty IT upward by over 2.5% on Friday.Yet, the IT index has dropped roughly 2000 points since the financial crisis in the United States and Europe struck the market, catching investors by surprise.
On Friday, more than 2,500 stocks rose on the BSE, while 950 fell.