May 10, 2023
New Delhi, India
Sensex Snaps 3-Day Losing Streak, Nifty Reclaims 22K Amid Global Rally
Market Rally Amid Global Optimism
Indian stock market witnessed a relief rally on Friday, buoyed by supportive global cues, with Reliance Industries, ITC, and Bharti Airtel leading the charge. Globally, markets rallied, with the FTSE 100 hitting a new high amidst rising hopes of interest rate cuts in Europe and the US.
Sensex and Nifty Performance
The S&P BSE Sensex surged to a high of 72,946 before settling 260 points higher at 72,664, snapping its three-day losing streak. Similarly, the NSE Nifty 50 reclaimed the psychological 22,000-mark, ending 98 points higher at 22,055.
Top Gainers and Losers
NTPC and Power Grid emerged as the top gainers among the Sensex 30, with notable gains of over 2.5% each. JSW Steel, Asian Paints, and ITC also recorded significant gains, while TCS experienced a decline of 1.7%.
Broader Market Performance
The BSE MidCap and SmallCap indices outperformed the benchmarks, gaining 0.9% each. The overall market breadth was positive, with nearly 2,200 stocks advancing compared to 1,600 declining shares on the BSE.
Conclusion
Today’s stock market rally, fueled by positive global cues, saw Sensex snapping its three-day losing streak and Nifty reclaiming the 22,000-mark. Reliance, ITC, and Bharti Airtel spearheaded the gains, while MidCap and SmallCap indices outpaced the benchmarks. Despite some sectoral fluctuations, the overall market sentiment remained positive, reflecting investor optimism amidst a backdrop of supportive global market conditions.
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