Amid a volatile session on Friday, Indian stock markets managed to close in positive after a sharp recovery from day low. Sensex closed 218.68 point up at 18,619.72, while Nifty rose by 62.75 points to 5,471.80. Stock markets continued to rise for the fourth consecutive session as investors again started buying in beaten down stocks.
Markets rallied on the back of strong buying that emerged in consumer durable, healthcare, IT, FMCG, technology and banking shares while metal shares continue to face selling pressure. As far as sector indices are concerned, consumer durable index lead the rally after it closed 1.9 per cent up. While healthcare and bank indices closed 1.59 per cent in green followed by IT and FMCG indices, both of which rose by 1.54 per cent. Metal and capital good indices fell by 2.05 per cent and 0.16 per cent respectively.
While, PM’s speech in the parliament is being given the credit, experts said various other important triggers actually helped the markets bounce back. One such reason was the strong recovery in rupee from a life time low of 68.85 per dollar which it had touched on Wednesday. While the stock markets managed to close in green, Rupee also recovered from the day low of 67.43 per dollar and finally closed after gaining 85 paise to 65.70 per dollar. On the other hand Brent crude in the international markets also registered a slight correction as it slipped below $115 per barrel mark after US and France announced to wait for the United Nations investigation into Syria before taking any action.