Stock Market Today: Sensex Jumps Over 413 Points, Nifty At 23,146

Stock Market Today (Image Source: iStock)

Indian equity benchmarks ended higher on Friday, October 16, recovering from their intraday lows as buying in information technology (IT) stocks, value buying at lower levels and improving technical momentum supported investor sentiment. Strong quarterly earnings from major IT companies, particularly Tech Mahindra and Wipro, provided a significant boost to the market.

The BSE Sensex closed 413.66 points, or 0.56 per cent, higher at 74,729.27. The NSE Nifty 50 settled at 23,146.15, gaining 148.80 points, or 0.65 per cent.

Market breadth was positive, with 2,220 stocks advancing, compared with 1,792 declining shares, while 185 stocks remained unchanged.

Ajit Mishra, SVP, Research, Religare Broking, noted, "After opening on a flat note, the indices gained ground as buying interest in select heavyweights, particularly technology stocks, supported sentiment. The market subsequently moved into a range-bound phase but held on to most of its gains. Both the Nifty and the Sensex eventually settled closer to their respective day’s highs, reflecting continued resilience in frontline stocks."

Information technology stocks emerged as the biggest contributors to Friday's gains. The Nifty IT index advanced for the fourth consecutive session, rising around 3 per cent and outperforming other sectoral indices by a…

Original source: https://www.timesnownews.com/business-economy