After an early stumble due to a downturn in the technology sector, prompted by Accenture's disappointing revenue forecast, Indian shares stabilized on Friday, ultimately concluding the trading day slightly elevated.
Expectations of interest rate reductions by central banks continued to be a significant driving force in boosting confidence among traders. The BSE benchmark Sensea took a serious dip, nearly 470 points down to 72,172.09 at the start, bounced back to 73,115.62 before ultimately settling at 72,831.94 - a net gain of 190.75 points or 0.26%. Likewise, the broader Nifty50 index of the National Stock Exchange witnessed a rise, climbing to 22,180.70 from an early low of 21,883.30 and ending with an increase of 84.80 points or 0.39% at 22,096.75.
Shares in the automobile, pharmaceuticals, real estate, metal, and public sector banking sectors experienced significant growth, while technology stocks saw a downward trend. Hero MotoCorp saw a nearly 4% gain, followed by Maruti Suzuki with a 3.3% increase and Bajaj Auto, Eicher Motors, and Tata Motors with gains of 2.35%, 1.8%, and 1.5% respectively.
Pharmaceutical stocks also soared, with Sun Pharmaceutical Industries experiencing a 3.25% increase, followed by Cipla, IPCA Laboratories, Dr. Reddy's Laboratories, and Biocon, each reporting growth between 1% and 2%.
Metal stocks – Welcorp, JSL, National Aluminium, Jindal Steel, Hindlco, and Adani Enterprises – and real estate stocks – Prestige, Sobha, Brigade Enterprises, and Lodha – also saw gains between 1% and 5%.
Meanwhile, prominent technology companies – MindTree, Infosys, Wipro, HCL Technologies, and Mphasis – experienced a 2 to 3% decrease in their shares. Tata Consultancy Services, Tech Mahindra, and L&T Technology Services also reported significant losses.
Despite the tech sector's dip, the trading concluded with a strong market disposition. In the BSE, 2,430 stocks closed higher, 1,375 stocks reported losses, while the remaining 101 stocks were relatively unchanged.
