The Indian equity benchmark on Friday ended the week higher, led by gains in banking stocks and power companies. The domestic index fell during early trading today but soon turned positive, opposing the downtrend in Asian markets. Asian stocks traded lower on concerns about the effects of the Russia-Ukraine war and increased risk of a recession.
Back home, 30 shares of the BSE Sensex zoomed 708 points or 1.21 percent to close at 59,277, while the broader NSE Nifty rose 206 points or 1.18 percent higher to close at 17,670.
Medium and small -cap stocks closed stronger as the Nifty Midcap 100 index rose 1.49 percent lower and small -cap stocks rose 1.68 percent.
13 of the 15 sector gauges – compiled by the National Stock Exchange – end in green. Nifty Bank and Nifty Financial Services outperformed the index by rising by 2.13 per cent and 1.87 per cent, respectively.
In terms of niche stocks, power producer NTPC was the most profitable Nifty when the stock jumped 5.78 per cent to Rs 142.80. Power delivery firm PowerGrid Corp. rose 3.99 percent. BPCL, IndusInd Bank and HDFC are also among the beneficiaries.
The overall market share remained positive as 2,732 stocks rose while 663 stocks declined on the BSE.
On the BSE 30 -stock index, NTPC, PowerGrid, IndusInd Bank, SBI, HDFC twins (HDFC and HDFC Bank), M&M, Bajaj Finance and Wipro were among the top earners.
On the other hand, Tech Mahindra, Dr Reddy’s, Titan, Sun Pharma and Infosys are in the red.
Also, Hero MotoCorp fell 2.39 percent amid concerns of an Income Tax (IT) raid.