Sensex up by 260 points, energy and metal lead rally

  • IANS
  • Stock Market News
Sensex up by 260 points, energy and metal lead rally
Credit: © Reuters.

Mumbai, May 10 (IANS) Indian benchmark indices went up nearly half per cent on Friday, following a rally in energy and metal shares. The relief rally came after the Sensex plunged more than 1,000 points on Thursday.Sensex was up by 260 points or 0.36 per cent at 72,664, while Nifty was up by 97 points or 0.44 per cent at 22,055.

The Nifty Midcap 100 and Nifty smallcap index outperformed NSE and BSE benchmarks, up by 0.86 per cent and 0.69 per cent, respectively.

Meanwhile, the Indian Volatility Index ( India VIX ) was marginally up by 0.27 points or 1.48 per cent at 18.47 points.

In the Sensex pack, 19 stocks closed in the green and 11 stocks closed in the red.

NTPC (NS: NTPC ), Power Grid (NS: PGRD ), JSW Steel (NS: JSTL ), Asian Paints (NS: ASPN ) and ITC were the top gainers. TCS (NS: TCS ), Infosys (NS: INFY ), Wipro (NS: WIPR ), HDFC Bank (NS: HDBK ) and M&M (NS: MAHM ) were the top losers.

According to market experts, the Sensex largely remained positive.

“However, a trend of sell-on rally is emerging given domestic premium valuation and election jitters creeping in the minds of investors given lower voter turnout,” they said.

FIIs continue to remain sellers given delays in rate cuts, inflationary concerns, moderation in corporate earnings, and premium valuation, according to experts.

Apart from US consumer and inflation data, the possibility of US tariff actions on Chinese EV companies will attract market attention, they added.

Dalal Street will now look forward to upcoming inflation data, due next week.

--IANS

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