Benchmark indices Sensex and Nifty staged a smart comeback on Friday, May 23, led by gains in heavyweight IT and FMCG stocks. After opening flat, both indices picked up momentum post late morning trades, tracking recovery in global markets.
The BSE Sensex closed 769.09 points higher at 81,721.08, while the NSE Nifty surged 243.45 points to settle at 24,853.15, erasing most of Thursday’s losses.
IT, FMCG lead the upmove
Buying was visible across blue-chip counters, especially ITC, Tech Mahindra, Infosys, HCL Tech, and Power Grid, which emerged as the top gainers on the Sensex. The upmove was supported by a pullback in US treasury yields, which helped risk appetite recover across Asian markets.
Honasa Consumer soars 12% on growth optimism
In the broader market, Honasa Consumer shares jumped 12 per cent, buoyed by increased revenue expectations as new brands show stronger traction.
Pharma bucks trend, Sun Pharma drags
The pharma index ended in the red, shedding 0.5 per cent. Sun Pharma was the biggest laggard, falling 3.3 per cent on weak outlook and earnings concerns.
Global cues turn supportive as US yields ease
The rebound in domestic equities came in tandem with a recovery in global markets. Easing US treasury yields, following the narrow passage of Trump’s new tax cut bill, provided relief to emerging markets. The MSCI Asia ex-Japan index rose 0.4 per cent after a sharp dip in the previous session.
Weekly performance still in the red
Despite Friday’s bounce, both benchmarks logged weekly losses of nearly one per cent, as foreign portfolio investors continued to pull money out of Indian markets. FPIs had offloaded over Rs 5,000 crore worth of equities on Thursday alone.
