After the incessant poundings of the pandemic COVID-19 onalmost every industry and almost every individual, with pessimism ruling theworld over the past six months or so, now there is a change in the scene.
There is hope in the air and the stock markets agree.
Expectations of healthy festive sales season, along withthose for a stimulus package, lifted the Indian equity markets on Friday.
Even the broad market traded on a bullish note led by autoand midcap stocks based on healthy Q2 results.
Globally, Asian markets mostly rose mildly on Friday as USlawmakers struggled to hammer out a fresh economic rescue package.
Similarly, European markets rose in early trade as investorsmonitored signs of progress toward a US stimulus deal and the continuingresurgence of the coronavirus.
Back home, volumes on the NSE were just under the recentaverages with Auto index being the main gainer.
On the other hand, pharma and realty indices were the lossleaders.
Broader market indices rose more than the Nifty.
The Nifty50 on the National Stock Exchange closed at11,930.35, higher by 33.90 points, or 0.28 per cent, from its previous close.
The Sensex closed at 40,685.50, higher by 127.01 points, or0.31 per cent, from its previous close of 40,558.49.
"Nifty after opening gap-up remained in a narrow 66point range for the day and closed towards the lower end of this range,"said Deepak Jasani, Head of Retail Research at HDFC Securities.
"Advance decline ratio was positive. Weekly close ispositive after one week of loss. Optimism is returning though gradually tomarkets. Traders prefer to keep a limit on their exposure by switching sectorsand stocks. This is evident from the volumes in the markets and the limitedgains across the better part of the listed universe."
Siddhartha Khemka, Head - Retail Research, Motilal OswalFinancial Services, said: "Nifty ended higher led by auto stocks on expectationof healthy festive sales. Maruti and M&M were the top gainers."
"Metal stocks were higher on hopes of US stimulusannouncement."
Vinod Nair, Head Of Research at Geojit Financial Services,said: "The market is developing a positive view on auto sector inanticipation of revival in volumes due to pent-up demand and upside in exports.Nifty auto outperformed all its sectoral peers and many auto firms are lined-upto announce their Q2 results in coming days."
In addition, the elections in India and in the America willbe triggers that the investors need to watch out far in the near-term.