Indian stock markets experienced significant gains on Friday following a tumultuous trading session. The Sensex and Nifty benchmarks initially dropped more than 1% during intraday trading, driven by substantial foreign investor sell-offs. This downturn was largely due to escalating oil prices and a depreciating rupee.
Additional pressures included rising onshore forward premiums, valuation concerns, and apprehensions over potential delays in interest rate cuts by the Reserve Bank of India (RBI), which countered the easing inflation benefits within the country.
The recovery from the day's lows was primarily sparked by a rally in IT stocks, as investors anticipated an interest-rate cut from the Federal Reserve in the coming week. A remarkable rise in Bharti Airtel shares further bolstered the indices after Jefferies named the company among its top Asia picks for 2025.
The S&P/BSE benchmark dipped to an intraday low of 80,082.82 before climbing to a high of 82,213.92, ultimately closing the session with an increase of 843.16 points, or 1.04%, at 82,133.12. Similarly, the broader NSE Nifty index oscillated from 24,180.80 to 24,792.30 before concluding at 24,768.30, marking a gain of 219.60 points, or 0.89%, compared to its previous closing.
Bharti Airtel shares experienced a significant surge of 4.4% within the Nifty group, contributing to the market's robust intraday recovery. Additionally, UltraTech Cement, Hindustan Unilever, Kotak Mahindra Bank, and ITC each recorded approximately 2% gains. Conversely, IndusInd Bank, Tata Steel, and Shriram Finance experienced declines of 1-2%.
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