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Banking stocks continue to lift Sensex

Banking stocks continue to lift Sensex
Highlights

Market benchmark index BSE Sensex rose by 227 points on Friday, extending gains for a second day after a rally in banking and cement stocks on hopes...

Mumbai: Market benchmark index BSE Sensex rose by 227 points on Friday, extending gains for a second day after a rally in banking and cement stocks on hopes of a good budget and financial results.

After opening on a weak note, the 30-share BSE index settled higher by 226.79 points or 0.55 per cent at 41,613.19. It hit an intra-day high of 41,697.03 and a low of 41,275.60. The broader NSE Nifty closed 67.90 points, or 0.56 per cent, up at 12,248.25.

Banking stocks gained ahead of the Union budget for 2020-21. Axis Bank rose by 2.01 per cent, Kotak Bank by 1.98 per cent, ICICI Bank by 1.18 per cent while State Bank of India advanced 0.25 per cent. HDFC rose by 1.02 per cent while Bajaj Finance gained 1.56 per cent. Larsen & Toubro gained 2.03 per cent, Titan by 1.91 per cent and HeroMotoCorp by 1.53 per cent.

IT stocks Tech Mahindra and HCL Tech advanced 2.43 per cent and 1.57 per cent, respectively. Vinod Nair, Head of Research, Geojit Financial Services said, "In anticipation of a good budget & Q3 result, the pre-budget rally has been solid. For this rally to maintain a lot will depend on the actual outcome of Budget & final Q3 earnings trajectory, market is turning a bit cautious before the big event."

Among losers, PowerGrid fell the most by 2.14 per cent, followed by IndusInd Bank which dropped 1.21 per cent. Infosys also edged lower by 0.20 per cent after SEBI said it would seek a forensic audit of the books of Infosys amid whistle-blower allegations of alleged financial irregularities at the company. Sun Pharma, RIL, HDFC Bank, TCS and Maruti were among the losers. Among sectoral indices, BSE capital goods, consumer durables, basic materials, metal, industrials, bankex and finance indices rallied up to 1.50 per cent, while energy and oil and gas indices ended in the red. Broader BSE midcap and smallcap indices jumped up to 0.77 per cent.

During the week, Sensex shed 332.18 points or 0.79 per cent, and Nifty gave up 104.10 points or 0.84 per cent. Brent crude oil futures rose 0.15 per cent to $62.13 per barrel.

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