Markets gain on positive investor sentiment
Sensex spurts 264 pts; Nifty crosses 11,000 mark
Mumbai: Markets overcame a mid-session spell of weakness to close with robust gains on Friday as investors accumulated banking, FMCG and metal stocks amid hopes of more measures from the government to bolster growth.
Positive global cues and a strengthening rupee added to the buying momentum, traders said. After gyrating 568 points during the day, the 30-share Sensex ended 263.86 points, or 0.71 per cent, higher at 37,332.79.
Similarly, the broader NSE Nifty rose 74.95 points, or 0.68 per cent, to close at 11,023.25. On a weekly basis, the Sensex advanced 631.63 points or 1.72 per cent, while the Nifty gained 193.90 or 1.79 per cent.
"Buoyant global markets supported the gains. India has under-performed emerging market peers as well as the developed markets over the past few months," said Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management. Investors were also awaiting the official estimate of GDP growth for Q1 FY20.
Sectorally, BSE metal, FMCG, healthcare, realty, finance, teck and IT indices rose up to 1.77 per cent. However, power, capital goods and oil and gas indices slipped up to 0.60 per cent.
The broader BSE midcap and smallcap indices followed the benchmarks, ending up to 1.01 per cent higher. Global equities moved higher on expectations of a trade truce between the US and China.
In Asia, Hang Seng, Kospi and Nikkei settled on a positive note, while Shanghai Composite Index ended marginally lower. Meanwhile, the Indian rupee appreciated 25 paise to 71.55 against the US dollar intra-day.
Brent crude futures, the global oil benchmark, slipped 0.17 per cent to $60.39 per barrel.