The Indian stock market today posted its most substantial single-day gain in the past two months. Leading indices experienced a 1 percent rise, primarily driven by the performance of automotive and metal stocks. The surge on Friday allowed the market to break a five-week losing streak and investors got richer by Rs 5.5 Lakh crore.

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The BSE Sensex index surged by 556 points, reaching 65,387 points, while the Nifty 50 index rose by 182 points, closing at 19,435 points.

The Nifty Bank also surged in Friday's trading session, with ICICI and Axis Bank emerging as the top contributors to the Nifty index.

The Nifty Bank index registered a gain of 447 points, reaching 44,436 points. Simultaneously, the Midcap Index climbed by 327 points, ending the session at 39,446 points.

Top gainers on the Nifty included NTPC, ONGC, JSW Steel and Tata Steel while losers were Cipla, HDFC Life, Dr Reddy's Laboratories, UltraTech Cement and Nestle India.

Except pharma, all other sectoral indices ended in the green with power, metal, auto, oil & gas and bank up 1-2.7 percent.

Market Performance for the Week

The surge on Friday allowed the market to break a five-week losing streak, with both Sensex and Nifty gaining 1 percent each. The Midcap Index continued to outperform, with a 3 percent gain for the week.

The Nifty Bank managed to post minor gains for the week, up by 0.3 percent. Among the top gainers for the week were metal and auto stocks, with Maruti, Tata Steel, NTPC, Hindalco, and M&M leading the way.

On the other hand, DRL, RIL, HUL, Adani Enterprises, BPCL, and Divi’s Lab were among the top Nifty losers for the week.

In the midcap segment, BHEL, MCX, Vodafone Idea, Hind Copper, and Indiabulls Housing Finance stood out as the top gainers. Conversely, Torrent Pharma, PFC, HPCL, Astral, and Union Bank faced declines during the week.

First Published:Sept 1, 2023 3:50 PM IST