New Delhi: On Friday, the last trading day of this week, i.e. Friday, the stock market saw a bumper recovery. In the afternoon trade, the Sensex has crossed the level of 78,800 with a gain of more than 1,650 points, while the Nifty rose by 2.13 percent to reach around 23,850. Investors have benefited greatly from this sudden move in the market. In the previous trading session, Nifty 50 had reached its lowest level in five months.

Due to Friday's huge surge in the Sensex on Friday, the market cap of all the companies listed on BSE has increased by Rs 5 lakh crore, crossing the level of Rs 432.25 lakh crore.
 

Shares of IT companies rise.

The Nifty IT index rose 2 percent on the back of good data from the US labor market. Initial unemployment claims in the US for the week ended November 16 fell by 6,000 to a seasonally adjusted 2,13,000, the lowest in seven months. This suggests that US job growth will likely accelerate in November after a slowdown in October due to storms and strikes.

Recovery in Adani shares

At the same time, the fall in Adani stock on Thursday due to the US allegations of bribery and fraud against Adani has started recovering in Friday afternoon trade. Adani shares saw a rise of 6 percent this afternoon. Ambuja Cement shares rose the most by 6 percent, while ACC registered a jump of about 4 percent.
 

Investors took advantage of the low valuation.

This rally in the stock market today shows that buyers have become active after the recent decline. In fact, Nifty had fallen 11 percent from its high level, while the mid-cap and small-cap indices fell 12 percent and 9 percent respectively. At the same time, the market sentiment has changed and investors are taking advantage of the low valuation.

The impact of the global market

Let us tell you that the global market has also played an important role in today's rise. On Friday, after two consecutive days of decline, all the shares of Japan's Nikkei closed with an average rise. Among these, the biggest rise was seen in the chip manufacturing giant Nvidia. At the same time, Korea's Kospi closed with 0.84%, while Australia's S&P ASX 200 registered a rise of 0.85%.

Maharashtra election result is also an important factor

The assembly elections in Maharashtra were concluded on November 20, while the election results are to be declared tomorrow i.e. on November 23. Earlier, almost all the exit polls have expressed hope that the BJP-led Mahayuti alliance will once again come to power with a majority.