Value buying ups markets
In tune with the global markets, the Indian stock markets also snapped a four-day losing streak on Friday amid good buying at lower levels as valuations turned attractive.
Mumbai: In tune with the global markets, the Indian stock markets also snapped a four-day losing streak on Friday amid good buying at lower levels as valuations turned attractive. Markets have started gaining after China regulator removed the circuit-breaker after four days. However, investors are still cautioned even as the sentiment remains positive.
They feel the markets are more sensitive to global cues as people have feared the future of the market due to yuan devaluation. Sensex up 82 points to close at 24,934 and Nifty gained 33 points to close at 7,601. Meanwhile, the broader markets outperformed with midcap and smallcap indices gains between 1 per cent and 1.3 per cent, each.
On sectoral front, oil and gas, information technology and consumer durables indices fell due to selling pressure, on the other hand, capital goods and metal stocks declined. The shares of oil major Reliance Industries rose by 1.2 per cent w 1,024 after it executing block deals worth R 600 crore. While the FMCG major ITC increased by 1.2 per cent after it fell by 5 per cent in the last few sessions.
For IT pack, TCS, Infosys and Wipro gained up to 1.6 per cent each, ahead of US job data. The pharma major Sun Pharma gained 1.1 per cent after it received USFDA approval for Lacosamide, while Cipla closed 2.6 per cent lower after it announced creation of 'Management Council', as apex executive leadership team.
The gainers: Tata Motors, up 2.99 per cent at Rs 353.45; Tata Steel, up 1.44 per cent at Rs 253.70; NTPC, up 1.27 per cent at Rs 139.60; Reliance Industries, up 1.24 per cent at Rs 1,024.05; and ITC, up 1.21 per cent at Rs 313.35.
The losers: Cipla, down 2.61 per cent at Rs 622.45; Larsen and Toubro (L&T), down 2.19 per cent at Rs 1,179.85; Bajaj Auto, down 1.75 per cent at Rs 2,376.85; Coal India, down 1.68 per cent at Rs 321.05; and Adani Ports, down 1.23 per cent at Rs 241.55.