Stock Market Updates: The Indian equity markets on Friday ended on a strong note as positive US jobless claims data eased the fears of recession and provided a favourable broader market reaction. The IT index outperformed with nearly 1.5 per cent gains in expectation of improved spending.
The BSE Sensex on Friday jumped 819.69 points or 1.04 per cent to settle at 79,705.91, while the NSE Nifty surged 250.50 points or 1.04 per cent to 24,367.50.
All indices were closed in the green.
Among the 30 Sensex companies, almost all closed in green with gains up to 2.74 per cent. Only Kotak Mahindra Bank and Sun Pharmaceuticals closed flat falling marginally by 0.01 per cent and 0.2 per cent, respectively.
Tech Mahindra gained the most on Friday with a 2.74 per cent jump, followed by Tata Motors (2.51 per cent), Mahindra & Mahindra (2.46 per cent), JSW Steel (2.09 per cent), and HCL Technologies (2.08 per cent).
“Though the sentiment is gaining traction, a lack of fresh triggers and subdued earnings will be a deterrent for higher valuation. To safeguard the sentiment, investors are advised to shift their focus from growth stocks to value stocks,” Vinod Nair, head of research, Geojit Financial Services.
According to the latest data from the Labor Department, initial claims for state unemployment benefits fell 17,000 to a seasonally adjusted 233,000 for the week ended August 3, the largest drop in about 11 months. It calmed fears the labour market was unravelling and reinforcing that a gradual softening remains intact.
Globally, almost all major markets were in green. Japanese Nikkei rose 0.56 per cent and Hong Kong’s Hang Seng jumped 1.17 per cent.
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