Indian Market Indexes Surge as Banking Stocks Lead Gains
Indian Stock Market Ends in Positive Territory on Friday
The Indian stock market closed in the positive territory on Friday, with gains led by banking heavyweights, including ICICI Bank, HDFC Bank, and Axis Bank. Market benchmarks remained in positive territory during the session, but gains were capped by elevated crude oil prices and rising concerns about inflation, which could lead to monetary tightening.
The Sensex ended at 75,415.35, up 232 points, or 0.31%, while the Nifty 50 settled at 23,719.30, up 65 points, or 0.27%. The mid and small-cap segments underperformed, with the BSE 150 Midcap index inching up by 0.11%, while the BSE 250 Smallcap index dropped 0.26%.
The top gainers in the Sensex index were Trent, Axis Bank, ICICI Bank, and Asian Paints, while Sun Pharma, ITC, and Power Grid ended as the top losers in the index. Among the sectors on the NSE, the Bank Nifty jumped 1.15%, while the Financial Services index rose by 1.17%. The Private Bank index clocked a gain of 1.49%, while the PSU Bank index climbed by 0.22%.
Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data
| Index | Change | Percentage Change |
|---|---|---|
| BSE 150 Midcap | +0.11% | - |
| BSE 250 Smallcap | -0.26% | - |
| Bank Nifty | +1.15% | - |
| Financial Services | +1.17% | - |
| Private Bank | +1.49% | - |
| PSU Bank | +0.22% | - |
Investor Takeaway
Investors should focus on banking stocks, which led the gains in the Indian market.
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