From the Sensex 30 pack, Adani Ports was the biggest gainer with a jump of over 6 per cent after the firm reported a 50 per cent year-on-year (YoY) jump in its consolidated net profit in the fourth quarter of the financial year 2024-25.
Mumbai: The Indian stock market started the session on Friday, May 2, on a flat note, but soon surged over 1 per cent amid a fresh wave of healthy buying across segments. The 30-share BSE benchmark gauge surged 935.69 points or 1.16 per cent to touch the high of 81,177.93. The Nifty 50 too witnessed positive momentum and gained 254.95 points to reclaim the 24,550 mark. In the last trading session, the Sensex closed at 80,242.24 and the Nifty 50 at 24,334.20.
From the Sensex 30 pack, Adani Ports was the biggest gainer with a jump of over 6 per cent after the firm reported a 50 per cent year-on-year (YoY) jump in its consolidated net profit in the fourth quarter of the financial year 2024-25. The firm has also issued a higher year-on-year revenue growth forecast for the current fiscal year. Maruti, IndusInd Bank, Axis Bank, ICICI Bank, Eternal and Mahindra & Mahindra were also among the gainers. On the other hand, stocks like Nestle, Titan, Bajaj Finserv and Hindustan Unilever were the laggards.
What Are The Factors Behind This Rally?
FII Buying: According to experts, the market has been primarily driven by the sustained FII buying for eleven trading days in a row. According to available information, the cumulative FII buying in this period has been Rs 37,375 crores.
China’s Willingness For Tariff Talks: There is fresh optimism in the market on Friday, as China has signalled its willingness for talks with the US on tariff reductions following recent approaches by Washington.
Impressive Performance By Banking Majors: Heavyweight banking stocks have contributed significantly to this surge in the stock market. Stocks like HDFC Bank, Axis Bank and ICICI Bank contributed significantly to the Sensex’s gain.
Nifty Bank gained over a per cent today to touch the high of 55,691.95.
Gain In Rupee: Gain In Rupee: The rupee appreciated on Thursday to surpass the 84 per US dollar mark for the first time since October 2024. This has positively influenced market sentiment. The rupee climbed to a peak of 83.83, up 0.7 per cent from its close at 84.48 in the previous session.
