Indian stock markets extended their positive trend for a fourth consecutive session on Friday, influenced by strong cues from worldwide markets.
Traders adjusted their early interest rate cut predictions due to a reported dip in U.S. retail sales, thereby boosting market sentiment. Concurrently, the economic downturn that hit Japan last year also affected the U.K., escalating the pressure on the Bank of England to reduce its borrowing costs in the forthcoming quarter or during the July-September period of this year.
Elsewhere in Europe, Francois Villeroy de Galhau, an European Central Bank (ECB) representative and the current head of the Bank of France, proposed that the central bank should lean towards gradual rate cuts, instead of excessively delaying this year's rate reductions.
In terms of specific numbers, the benchmark S&P BSE Sensex finished the trading day with a gain of 376.26 points, or an increase of 0.52 percent, thus ending at 72,426.64. This positive performance echoes gains experienced in global markets.
Additionally, the wider scope NSE Nifty index registered 129.95 points increase, or 0.59 percent, ending higher at 22,040.70. Automobile stocks were chiefly responsible for this upward trend.
News from individual companies included Bajaj Auto, Adani Ports, Mahindra & Mahindra, SBI Life and Wipro experiencing between 3 to 5 percent rally in the Nifty pack. On the other hand, Power Grid Corp reported a 2.5 percent loss after recent strong gains, thus leading the day's losses.
