Sensex and Nifty close strongly higher, ending a four-day losing run

Following late-session advances, benchmark stock market indexes concluded Friday’s trading session strongly.

The S&P BSE Sensex had its first positive movement of the week as it increased by 0.83% to reach 73,088.33 points. Parallel to this, the NSE Nifty50 increased by 0.69% to close at 22,147 points.

However, over the abbreviated holiday week, both indexes suffered a loss of around 1.6%.

With a 2.45% gain, HDFC Bank was one of the main drivers of the positive momentum, causing the financial services industry to grow by 1.31%. On Saturday, HDFC Bank will release its quarterly financial results.

On the other hand, US rate-sensitive IT equities had their second-worst performance in the last 12 months, falling 4.71% over the course of the week and 0.39% on the day.

Diminished expectations of early US rate reduction and unsatisfactory quarterly results from industry stalwarts like TCS and Infosys were blamed for this fall. In addition, losses from HCLTech and Wipro’s declaration of higher-than-expected quarterly revenue after the closing bell resulted in a week of losses for these Nifty50 firms that ranged from 3.8% to 5%.

Throughout the week, there were drops of 1.37% and 2.74%, respectively, in the larger small and mid-cap sectors.

The volatility on Friday increased and by the conclusion of the trading day, it had reached a one-month high.

The overall performance throughout the holiday-shortened week was muted, characterized by volatility and tensions in the Middle East owing to the dispute between Iran and Israel, even if the Indian share market managed to close the week on a good note with gains.

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