Sensex, Nifty rally up to 1.7% led by IT and metal shares

NEW DELHI: Led by IT and metal stocks, bulls made a roaring comeback on Friday after trailing behind for 5 consecutive sessions. Benchmark indices – Sensex and Nifty- advanced 1.6-1.7% each. The 30-stock pack Sensex rose 1293 pts to close 81,332 and Nifty climbed 429 pts to settle 24,834. During intraday deals, Nifty50 hit new high at 24,861.

Investors made Rs 7.1 lakh crore on Friday as the market capitalisation of BSE listed firms soared to Rs 456.92 lakh. “This surge was fueled by improved sentiment following robust performances in IT and metal stocks, as well as significant rollovers to the August series. Broader indices reflected this strength, showing substantial gains.

The current trend suggests bulls are in control, and we are likely to see further advances in the coming sessions. However, it is advised to remain selective, focusing on index majors and large midcaps,” said Ajit Mishra – SVP, Research, Religare Broking.