Sensex, Nifty stage strong comeback amid easing inflation, buying in telecom stocks
The Hindu
Sensex and Nifty surge on heavy buying in telecom stocks and positive inflation data, boosting market sentiment.
Benchmark indices Sensex and Nifty ended sharply higher on Friday (December 13, 2024) amid heavy buying in telecommunication stocks and encouraging domestic inflation data.
After falling 1,207.14 points in morning trade, the 30-share BSE benchmark Sensex recovered all the lost ground later and jumped 843.16 points or 1.04% to settle at 82,133.12. During the day, it surged 923.96 points or 1.13% to 82,213.92.
The NSE Nifty climbed 219.60 points or 0.89% to settle at 24,768.30 after falling 367.9 points in intra-day trade.
Among the 30-share Sensex blue-chip pack, Bharti Airtel, ITC, Kotak Mahindra Bank, Hindustan Unilever, Titan, UltraTech Cement, HCL Technologies, and Power Grid, were the biggest gainers.
Tata Steel, IndusInd Bank, JSW Steel and Bajaj Finserv were the laggards.
Retail inflation declined in November to 5.48% and came within the Reserve Bank's comfort zone mainly due to easing food prices, creating headroom for a rate cut at the central bank's rate-setting panel meeting under new Governor Sanjay Malhotra in February.
The Consumer Price Index (CPI) based headline inflation was at 6.21% in October and 5.55% in November 2023.
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