Sensex rises 712 points, Nifty tops 17,150; Tata Steel rallies 7%, HDFC 2.5%

Benchmark indices settled near the day’s high on Friday as investors lapped up metal and IT shares, along with index heavyweights like Reliance Industries, HDFC twins, Sun Pharma, and Bajaj Finance.

The S&P BSE Sensex soared 712 points, or 1.25 per cent, to end at 57,570, while the Nifty50 shut shop at 17,158, up 229 points or 1.35 per cent. In the broader market, the BSE MidCap and SmallCap indices, too, added over 1 per cent each.

Sectorally, the Nifty Metal index climbed 4 per cent, followed by the Nifty IT index (2 per cent). Public sector banks were the only losers with the Nifty PSB index down 1.2 per cent.

TVS Motor surged 10% and hit an all-time high post strong June quarter results. In the past three months, the stock of TVS Motor outperformed the market as it surged 46 per cent, as compared to marginal 0.34 per cent rise in the S&P BSE Sensex.

Shares of Granules India gained 1% as board plans to mull share buyback on August 9.

SBI Life Insurance rallied 8% and neared a 52-week high on strong Q1 earnings. The company displayed a strong show in Q1FY23 with 80 per cent YoY growth in APE along with a sharp jump of 132 per cent YoY in VNB.