• Source:JND
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Stock Market: After three consecutive days of losses, Indian benchmark indices Sensex and Nifty rebounded on Friday, bolstered by strong buying in banking stocks and a positive global market outlook. The BSE Sensex, which had declined earlier in the session, rose 218.14 points or 0.27% to close at 81,224.75. The day's high was 81,391.15, up 384.54 points or 0.47 per cent.

The NSE Nifty rose 104.20 points or 0.42 per cent to end the day at 24,854.05 points, aided by domestic institutional investors who provided crucial support, which offset the foreign selling.

Axis Bank, one of the top performers, increased by nearly 6%, resulting in a 19.29 per cent rise in consolidated net profit for the September quarter to Rs 7,401.26 crore. Other top Sensex gainers included ICICI Bank, Tata Motors, Tata Steel, NTPC, JSW Steel, State Bank of India, and Adani Ports.

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However, the news was not all positive. Infosys' second-quarter earnings fell by more than 4% after falling short of market expectations, although the company posted a 5% increase in net profit and raised revenue guidance due to strong demand from clients in the financial sector. Other notable laggards included Asian Paints, Nestle, Tech Mahindra, HCL Technologies, Hindustan Unilever, and ITC.

On the institutional front, foreign institutional investors sold equities worth Rs 7,421.40 crore on Thursday. On the other hand, domestic institutional investors (DIIs) stepped in and purchased equities worth Rs 4,979.83 crore to help stabilize the market.

Globally, Asian markets had a mixed day, with Tokyo, Shanghai, and Hong Kong closing sharply higher while Seoul ended in the red. European markets traded positively, while U.S. markets closed mostly higher on Thursday. Meanwhile, global oil benchmark Brent crude fell 0.07% to US$74.40 a barrel.

The Sensex had closed down 494.75 points or 0.61% at 81,006.61 on Thursday, while the Nifty had fallen 221.45 points or 0.89% to 24,749.85, making Friday's recovery a much-needed relief for investors.

Also Read: Axis Bank Share Price: Banking Stock Surges over 4% On Strong Q2 Earnings; Net Profit Rises 19%

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