Markets rise for 3rd straight day on gains in banking & oil stocks
Mumbai: Benchmark Sensex spurted by 484 points and Nifty closed at a 52-week high on Friday, extending their winning run to the third consecutive day on buying in blue-chip banking and oil shares and foreign fund inflows.
In a volatile session, the 30-share BSE Sensex jumped 484.53 points or 0.58 per cent to settle at 83,952.19, a level not seen since June 27.
During the day, it surged 704.58 points or 0.84 per cent to 84,172.24.
The 50-share NSE Nifty climbed 124.55 points or 0.49 per cent to settle at a 52-week high of 25,709.85.
Among Sensex firms, Asian Paints jumped the most by 4.18 per cent. Mahindra & Mahindra, Bharti Airtel, ITC, Hindustan Unilever, ICICI Bank and Reliance Industries were also among the gainers.
However, Infosys, HCL Tech, Eternal, Tech Mahindra and Tata Steel were among the laggards.
The BSE smallcap gauge declined 0.49 per cent and midcap index dipped 0.43 per cent.
Among sectoral indices, consumer durables climbed 1.48 per cent, FMCG (1.19 per cent), auto (0.59 per cent), healthcare (0.50 per cent), bankex (0.48 per cent), telecommunication (0.36 per cent) and financial services (0.31 per cent) were the gainers.
However, BSE Focused IT, IT, commodities, teck, industrials, metal and services were among the laggards.
On the weekly front, the BSE benchmark jumped 1,451.37 points or 1.75 per cent, and the Nifty surged 424.5 points or 1.67 per cent.
Vinod Nair, Head of Research, Geojit Investments said, “The market has continued its upward momentum, reaching a new 52-week high, largely driven by consumption-oriented stocks, anticipating improved volume growth. Inline earnings from banks and signs of easing asset quality stress have bolstered overall industry optimism.
The rupee pared initial gains and settled for the day lower by 6 paise at 88.02 against the US dollar on Friday, weighed down by trade tensions and global uncertainties.
Foreign Institutional Investors (FIIs) bought equities worth Rs 997.29 crore on Thursday, according to exchange data. Domestic Institutional Investors (DIIs) also bought stocks worth Rs 4,076.20 crore in the previous trade.
Global oil benchmark Brent crude declined 0.92 per cent to $60.50 a barrel.
On Thursday, the Sensex jumped 862.23 points or 1.04 per cent to settle at 83,467.66. The Nifty surged 261.75 points or 1.03 per cent to 25,585.30.
