Sensex, Nifty extend gains as metal stocks rally
Mumbai: Indian stock markets rose for the second consecutive session on Friday, supported by a global rally and heavy buying in metal stocks.
Prime Minister Narendra Modi on Thursday spoke with US President Donald Trump about strengthening economic ties as the two countries work towards a trade agreement, which also improved sentiment.
At the closing bell, the Sensex had gained 449.53 points, or 0.53 percent, to reach 85,267.66.
The Nifty also rose 148.40 points, or 0.57 percent, to trade at 26,046.95.
Experts said, “In the short term, the trend is likely to remain constructive as long as the index remains above 25,900, which is expected to act as a key support level.”
They further added, “On the upside, the index could move towards 26,300 in the short term.” Several major Nifty stocks gained, including Tata Steel, Eternal, UltraTech Cement, L&T, Maruti Suzuki, Bharti Airtel, Adani Ports, Axis Bank, and Bajaj Finance.
However, some stocks remained under pressure due to profit booking. HUL, Sun Pharma, Asian Paints, ITC, Power Grid, and HCL Tech were among the top losers.
In the broader market, the Nifty Midcap index rose 1.18%, while the Nifty Smallcap index gained 0.94%.
Sectorally, the Nifty Metal index led the gains with a gain of 2.63%, followed by realty, consumer durables, and oil and gas. FMCG and media sectors were in the red.
Meanwhile, silver prices in India continued to rise sharply. Silver futures crossed the historic Rs 2 lakh per kg mark for the first time on Friday, extending a rally that has taken the metal nearly 130% higher so far this year. Experts said a mixed boost from global cues, strong sectoral performance and improving geopolitical engagement helped the market end the week on a positive note.
