Indian stock market surges as financial stocks rally on strong US data

The BSE Sensex experienced a significant market rally, surging by 1,599 points or 2.1% to reach 78,754 points. The NSE Nifty also climbed 478 points to 23,828. This rally was driven by strong US labor market data and a rebound in financial stocks.

Major players such as Reliance Industries, State Bank of India, ICICI Bank, IndusInd Bank, Tata Motors, Power Grid, Bajaj Finance, Bajaj Finserv, and Tech Mahindra were key contributors to the rally. The Nifty IT, Banks, Oil and Gas, and Realty sectors led the sectoral gains. The Nifty PSU Bank index recovered sharply by 2.47% after a nearly 5% drop the previous day. This recovery reflects strong buying sentiment from domestic institutional investors and favorable trends in US markets, indicating a robust rebound in domestic equities.

The market breadth was positive, with 2,123 shares advancing, 1,218 declining, and 89 remaining unchanged. The rally in the market was supported by favorable trends in the US labor market and a rebound in financial stocks. The Nifty PSU Bank index, which had experienced a significant drop the previous day, recovered sharply, indicating strong buying sentiment from domestic institutional investors. The rally was led by major players in the market such as Reliance Industries, State Bank of India, ICICI Bank, and Tata Motors. The Nifty IT, Banks, Oil and Gas, and Realty sectors were the top gainers, driving the overall market rally.

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