On Friday, the Indian stock market witnessed tremendous growth for the third consecutive day. The market closed with gains due to strong global cues, moderate selling by foreign investors and strong buying in IT and healthcare stocks. By the end of the session, the Sensex closed 261.79 points higher at 77,763.91, while the Nifty gained 95.15 points at 24,270.85. Due to this boom, the wealth of investors also increased significantly.
**Rise in IT and healthcare stocks**
During today’s trading, maximum growth was seen in IT and healthcare sectors. HCL Technologies, Max Healthcare, Bajaj Finserv, Apollo Hospitals and Dr. Reddy’s Laboratories were the top gainers on the Nifty. The IT index rose about 1.7%, mainly due to expectations of relief in interest rates in the US. Indian IT companies are likely to benefit from low interest rates, as a large portion of their earnings come from the US market.
**Purchasing seen in other sectors also**
The realty sector was the best performer, with its index rising by nearly 2%. Besides, the Pharma and Healthcare index also rose by about 2%. Good buying was also seen in metal stocks. However, the banking and energy sectors remained under pressure; The Nifty PSU Bank index fell 1.5% and the Energy index closed down around 1.3%.
**What was the reason for the rise in the market?**
Many positive signals supported the market. Expectations of interest rate cuts in the US raised hopes of increased foreign investment in emerging markets. Additionally, crude oil prices have returned to pre-war levels, providing relief to oil-importing economies like India. Decrease in selling by foreign institutional investors (FIIs) also helped strengthen the market sentiment.
Among the most active stocks, Aegis Vopak Terminals rose nearly 9%, while Sumitomo Chemical India also gained more than 8%. On the other hand, Adani Enterprises, Adani Ports, PB Fintech, Hitachi Energy India, GE Vernova T&D India and CG Power were among the stocks that declined.
