Markets maintain winning run over +ve global cues

Markets maintain winning run over +ve global cues

Mumbai: Equity benchmarks stretched their winning streak for the third session on Friday as robust corporate results and positive global cues propped up risk appetite despite the COVID-19 overhang.

A strong recovery in the rupee, which zoomed 27 paise against the US dollar, also bolstered investor sentiment, traders said.

The 30-share BSE Sensex climbed 256.71 points or 0.52 per cent to finish at 49,206.47.

Similarly, the broader NSE Nifty rose 98.35 points or 0.67 per cent to 14,823.15.

HDFC was the top performer in the Sensex pack, spurting 2.70 per cent, after reporting a 31 per cent jump in consolidated net profit at Rs 5,669 crore for the March quarter.

M&M, Bajaj Finserv, NTPC, Bharti Airtel, ITC, ONGC and UltraTech Cement were the other prominent winners, rising up to 2.68 per cent.

On the other hand, Bajaj Auto, Bajaj Finance, Infosys, Kotak Bank and ICICI Bank tumbled up to 2 per cent.

During the week, the Sensex advanced 424.11 points or 0.86 per cent, and the Nifty jumped 192.05 points or 1.31 per cent.

"Market opened with a gap up tracking heavyweights gains and was able to maintain its optimism to the end, supported by the global market. Global bourses were largely positive as easing restrictions on movement in the US and Europe along with the expectation of better US job data signalled a faster economic rebound in the western markets.

"Metal stocks are continuing their upbeat movement on improved sectoral outlook while mid-cap stocks underperformed their peers," said Vinod Nair, Head of Research at Geojit Financial Services.

BSE metal, basic materials, telecom, power, realty, oil and gas, utilities and finance indices rallied up to 5.29 per cent, while consumer durables, capital goods and IT ended in the red.

Broader BSE midcap index slipped 0.04 per cent, while the smallcap gauge rose 0.15 per cent.

India reported a record 4,14,188 new coronavirus infections in a day, taking the total tally of COVID-19 cases to 2,14,91,598, while the active cases crossed the 36-lakh mark, according to the Union Health Ministry data updated on Friday.

The death toll has increased to 2,34,083 with 3,915 fatalities being reported in a span of 24 hours.

Elsewhere in Asia, bourses in Shanghai and Hong Kong were in the red, while Tokyo and Seoul ended on a positive note.

Stock exchanges in Europe were trading with gains in mid-session deals.

Meanwhile, international oil benchmark Brent crude was trading 0.25 per cent lower at USD 67.92 per barrel.

The rupee gained for the second straight day and closed 27 paise higher at 73.51 against the US dollar.

Foreign institutional investors were net buyers in the capital market on Thursday as they purchased shares worth Rs 1,222.58 crore, as per exchange data.

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