The SENSEX Index Closes 0.65% Higher

The SENSEX Index rose 505 points or 0.65 percent on Friday to close at 78494 points. Leading the gains are Hindustan Unilever (4.73%), Nestle India (2.20%) and Power Grid (1.84%). Top losers were Sun Pharmaceuticals (-1.06%), Eternal Limited (-0.93%) and Mahindra & Mahindra (-0.63%).

Indian stocks closed higher on Friday, extending gains from the week as continued optimism over an approaching end to the US-Iran war offset losses from weak quarterly results. The S&P BSE Sensex gained 06% to 78,480 and the NSE Nifty 50 rose 0.7% to 24,360, with each gaining around 1% this week. US President Trump continued to signal that the war with Iran may end soon as both countries may continue negotiating this week. Such a move would trigger a bout of support for Indian assets, particularly for foreign investors, as restored oil supply would support domestic purchasing power, limit the risk of rate hikes by the Reserve Bank of India, and support the rupee as forex outflows would be capped. Fast moving consumer goods led the Friday session with Hindustan Unilever, Nestle India, and Reliance Industries adding more than 2%. On the other hand, Wipro fell 3% after posting a subdued outlook for this year. Also, HDFC Life fell 3.2% on a drop in new quarterly business.

India’s BSE Sensex edged up about 0.2% to 78,135 on Friday, recovering from losses in the previous session as broader market optimism over a potential peace deal to end the Iran conflict was partly offset by weakness in IT stocks following Wipro’s subdued outlook. Wipro shares fell 3% in early trading today after a Q4 revenue miss and a soft near-term forecast, with brokerages divided between concerns over slowing demand and support from the company’s fifteen thousand crore buyback, which is seen as helping cushion downside risks. Most sectors traded in the green, except technology, non-energy minerals, health technology, and communications. Among the early gainers included Waaree Renewable Tech (+12.5%), Ola Electric (+5.6%), Godfrey (+4.5%), and Gujarat Petronet (+8.1%), while laggards were Gallant (-2.8%), Gujarat Mineral (-3.2%), ICICI Bank (-0.7%), and HDFC Life Insurance (-3.6%). The benchmark index is set for a second consecutive weekly gain, up 0.8% so far.