After a five-day losing streak, Indian stock markets rebounded on Friday, with the benchmark BSE Sensex closing higher by 75 points due to value-buying in banking and oil shares following recent losses.
The 30-share BSE Sensex rose by 75.71 points or 0.10% to settle at 73,961.31. It hit a high of 74,478.89 points and a low of 73,765.15 points during the session.
Halting its five-day losing streak, the 50-share NSE Nifty rose by 42.05 points or 0.19% to end at 22,530.70.
The Nifty and Sensex had both declined by over 2% in the five days leading up to Thursday amid high volatility ahead of the results of the Lok Sabha polls.
Vinod Nair, Head of Research at Geojit Financial Services, stated, "The pre-election trading strategy has come to an end, and all eyes will be on the release of the exit poll for further action. Regional diversions, marginally low voter turnout, and strong resistance at the current range are prompting investors to adopt a cautious stance."
Among the gainers in the Sensex pack were Tata Steel, Bajaj Finance, HDFC Bank, Power Grid, IndusInd Bank, Larsen & Toubro, and ICICI Bank.
On the other hand, Nestle India, Tata Consultancy Services, Maruti Suzuki India, Infosys, Axis Bank, and Hindustan Unilever were among the laggards.
In Asian markets, Shanghai, Tokyo, Seoul, and Hong Kong closed on a mixed note. European stock markets were trading lower, while major indices on Wall Street ended lower on Thursday.
The global oil benchmark, Brent crude, declined by 0.40% to USD 81.53 a barrel.
According to exchange data, Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,050.15 crore on Thursday.
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