Sensex surges over 760 points on buying in RIL, HDFC Bank & ITC
Mumbai: Equity benchmark indices Sensex and Nifty rebounded sharply by nearly 1 per cent on Friday, propelled by buying in market heavyweights Reliance Industries Ltd (RIL), HDFC Bank and ITC.
Besides, hopes of a record dividend from the RBI and easing US treasury yields bolstered investor sentiment, traders said.
After a flat start, the 30-share BSE benchmark bounced back and surged 769.09 points or 0.95 per cent to settle at 81,721.08. During the day, it jumped 953.18 points or 1.17 per cent to 8a1,905.17.
As many as 2,361 stocks advanced while 1,589 declined and 156 remained unchanged on the BSE.
The NSE Nifty rallied 243.45 points or 0.99 per cent to 24,853.15.
On a weekly basis, the BSE benchmark dropped 609.51 points or 0.74 per cent and the Nifty declined 166.65 points or 0.66 per cent.
“The domestic market has recouped nearly half of the week’s losses, supported by gains in FMCG and IT stocks. FMCG benefitted from the early and above-normal monsoon forecast, while IT stocks saw a rebound following a healthy correction.
From the Sensex firms, Eternal, Power Grid, ITC, Bajaj Finserv, Nestle, Axis Bank, Kotak Mahindra Bank and Adani Ports were among the biggest gainers.
On the other hand, Sun Pharma was the only laggard, declining nearly 2 per cent.
The BSE midcap gauge climbed 0.50 per cent and smallcap index went up by 0.45 per cent.
FMCG jumped 1.49 per cent, utilities (1.02 per cent), power (1.01 per cent), financial services (0.99 per cent), bankex (0.99 per cent), oil & gas (0.94 per cent) and energy (0.82 per cent).
The rupee snapped its three-day losing streak and settled for the day higher by 50 paise at 85.45 against the US dollar on Friday, on a sharp fall in the dollar index and surge in domestic equities.
Global oil benchmark Brent crude dipped 0.23 per cent to $64.29 a barrel.
FIIs offloaded equities worth Rs 5,045.36 crore on Thursday, according to exchange data.
On Thursday, the BSE Sensex tanked 644.64 points, or 0.79 per cent, to settle at 80,951.99. The Nifty tumbled 203.75 points, or 0.82 per cent, to 24,609.70.
“Markets quickly rebounded after a subdued opening, as short-covering helped benchmark indices stay in positive territory thereafter. The market has been volatile throughout the week, as concerns over US fiscal health due to rising debt and interest rates seen unchanged weighed on sentiment,” Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
