Indian stocks were off to a strong start on Friday, driven by poor US retail sales data that pushed Treasury yields lower and increased expectations of the Federal Reserve reducing interest rates in the forthcoming months. The S&P BSE Sensex, the Indian benchmark index, climbed by 226 points (0.3%) reaching 72,276, while NSE Nifty, the broader market index, rose by 80 points (0.4%) to stand at 21,990.
Leading gainers included Larsen & Toubro, Mahindra & Mahindra, Tata Motors, Bajaj Auto, and BPCL, each of which experienced a 2-3% surge. Vedanta, on the other hand, saw a modest rise following the selling of Rs. 1,737 crore worth of shares by its promoter entity, Finsider International Company.
Reliance Industries also saw slight growth, fueled by rumors that it is in negotiations to purchase a 29.8% stake in the subscription-based TV and streaming service Tata Play from Walt Disney. Yes Bank also rose 1.5% off the back of Carlyle Group selling a 1.3% stake in the private sector bank, reaping a return of Rs 1,057 crore.
In other market news, KPI Green Energy saw a 5% increase after securing a 1.5 MW solar power project, and Medplus Health Services jumped 3% as it announced that the 15-day suspension of its drug license from the FDA for its Khopat, Thane store had no significant financial impact. Moreover, Sudarshan Chemical Industries rose by 2.8% after HDFC Mutual Fund purchased 17,75,551 of its equity shares at an average price of Rs 513.99 per share.
