The technical view suggests continued sideways movement in Nifty. (AI image)

Stock market today: The BSE Sensex and Nifty ended significantly higher on Friday, driven by substantial investments in telecommunication shares and positive domestic inflation figures. The BSE benchmark Sensex, after an initial drop of 1,207.14 points, rebounded remarkably to close at 82,133.12, showing a gain of 843.16 points or 1.04 per cent. During trading, it reached a peak of 82,213.92, marking a 1.13 per cent increase.
The NSE Nifty finished at 24,768.30, rising by 219.60 points or 0.89 per cent, despite an earlier intra-day decline of 367.9 points.
Within the Sensex portfolio, the primary gainers included Bharti Airtel, ITC, Kotak Mahindra Bank, Hindustan Unilever, Titan, UltraTech Cement, HCL Technologies, and Power Grid.
The underperformers were Tata Steel, IndusInd Bank, JSW Steel and Bajaj Finserv.
November’s retail inflation decreased to 5.48 per cent, falling within the Reserve Bank’s target range, primarily due to reduced food costs. This development creates potential for a rate adjustment at the central bank’s committee meeting under new Governor Sanjay Malhotra in February.
The Consumer Price Index-based inflation showed improvement from October’s 6.21 per cent and November 2023’s 5.55 per cent.
Industrial production growth in India slowed to 3.5 per cent year-on-year in October 2024, affected by reduced performance in mining, power and manufacturing sectors, according to official statistics released on Thursday.
“The domestic market smartly recovered from the day’s low and moved out of the consolidation path led by index heavyweights. A gradual easing in food inflation and a price hike by FMCG companies, along with a recent correction in valuation, supported the sector to outperform. Currently, the market is anticipating a revival in consumer spending, driven by the festive season and year-end holidays, adding to the sentiments.
“Additionally, expectation of an increase in US spending is propelling the IT sector,” Vinod Nair, Head of Research, Geojit Financial Services, said.
Asian markets showed mixed results, with Tokyo, Shanghai and Hong Kong declining while Seoul advanced. European markets traded positively, whilst Wall Street closed lower on Thursday.
Foreign Institutional Investors sold equities worth Rs 3,560.01 crore on Thursday, as per exchange data.
Brent crude, the global oil benchmark, increased by 0.54 per cent to USD 73.77 per barrel.
The previous day, the BSE benchmark had fallen by 236.18 points or 0.29 per cent to 81,289.96, while the Nifty decreased by 93.10 points or 0.38 per cent to 24,548.70.