Stock markets gain over 1% on robust buying across the board

MUMBAI: Indian stock markets closed the week on a strong note, with indices registering over a 1 per cent gain on Friday, August 16, driven by robust buying across the board.

The Sensex surged by 1,330.96 points, or 1.68 per cent, to finish at 80,436.84, while the Nifty50 climbed 397.40 points, or 1.65 per cent, to close at 24,541.15.

The trading session ended in favour of the bulls, with 47 out of the 50 Nifty50 constituents posting gains. Leading the charge were Wipro, Tech Mahindra, Grasim, Mahindra & Mahindra, and Tata Motors, each advancing by up to 4.23%.

Market volatility reduced

On the BSE, 29 out of the 30 Sensex constituents closed higher, with notable gains from Tech Mahindra, Mahindra & Mahindra, Tata Motors, UltraTech Cement, and TCS, rising by up to 3.94 per cent.

The fear gauge, India VIX, declined by 6.18 per cent, closing at 14.40, indicating reduced market volatility.

Midcap and Smallcap stocks led the broader market rally, with the Nifty Midcap 100 index and Nifty Smallcap 100 index both ending higher by 1.96 per cent and 1.93 per cent, respectively.

All sectoral indices wrapped up the day in positive territory, with the Nifty IT, Auto, Media, and Realty indices posting gains of over 2 per cent each.