Stock markets surge, Sensex and Nifty increase by 1%, led by RIL and Infosys.

On Friday, the stock market in Mumbai saw a positive turn as both the Sensex and Nifty rebounded by 1 percent. This was attributed to the buying of blue-chip stocks such as Reliance and Infosys, as well as a global rally in equity markets. The 30-share BSE Sensex bounced back by 819.69 points, settling at 79,705.91 with 28 of its constituents closing in the green and only two in the red. The day started with the index opening higher, thanks to gains in Asian markets, and later surging to a high of 79,984.24- a whopping 1,098.02 points!

The NSE Nifty also saw a significant rise, soaring by 250.50 points to 24,367.50. At its peak, it rallied by 302.75 points to reach 24,419.75. Vinod Nair, Head of Research at Geojit Financial Services, attributed this positive market reaction to the release of favorable US jobless claims data. This eased fears of a recession and provided a boost to the broader market sentiment.

Most of the Sensex firms saw a positive trend, with Mahindra & Mahindra, Tata Motors, Tech Mahindra, JSW Steel, State Bank of India, HCL Technologies, Reliance Industries, and Infosys leading the gains. The only laggards were Kotak Mahindra Bank and Maruti. In Asian markets, Tokyo, Seoul, and Hong Kong ended with gains, while Shanghai saw a dip. European markets were also trading positively, and the US markets ended significantly higher on Thursday.

According to exchange data, Foreign Institutional Investors (FII) offloaded equities worth Rs 2,626.73 crore on Thursday. In global oil markets, Brent crude saw a slight increase of 0.03 percent, reaching $79.18 a barrel. After a volatile day of trading on Thursday, the BSE benchmark had declined by 581.79 points, settling at 78,886.22. It had also seen a significant tumble of 669.07 points during the day, reaching a low of 78,798.94. The NSE Nifty also saw a downward trend, settling lower by 180.50 points at 24,117. During the day, it had also tanked by 217.8 points, reaching a low of 24,079.70.

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