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Value buying buoy markets
The stock markets ended marginally higher on Friday led by PSU banks and select auto shares reversed early losses, amid range-bound trading session. Short covering and value buying is predominantly seen in select stock though traders reluctant to hold positions while analysts points likely volatile market next week before Budget.
Mumbai: The stock markets ended marginally higher on Friday led by PSU banks and select auto shares reversed early losses, amid range-bound trading session. Short covering and value buying is predominantly seen in select stock though traders reluctant to hold positions while analysts points likely volatile market next week before Budget.
Sensex gained 60 points closed at 23,709 and Nifty ended up 19 points at 7,211. Meanwhile, broader markets closed mixed with midcap index marginally up while smallcap index declined.
Further, the experts say that the market may continue to consolidate in near term, however, rally is expect in long term.
On sectoral front, the sectors auto, bank and IT indices gained while capital goods, oil and gas declined. Oil explorer ONGC regained from early losses to close nearly 1 per cent higher, while auto major Maruti closed 2 per cent lower as it failed to meet its volume growth.
From bank pack, SBI closed over 3 per cent up as the company raised Rs 3,000 crore via bond issue, PNB gained over 5 per cent as the bank plans to selling off realty assets. On the other hand, the private banker HDFC Bank closed flat.
Among the gainers, airline shares closed higher with SpiceJet gaining 4 per cent and Jet Airways up 2.8 per cent, as Etihad plans to raise its stake in Jet Airways to 49 per cent.
Also railway stocks also gained with Texmaco, Titagarh, Kalindee, BEML and Stone ended up by about 9 per cent ahead of rail budget next week.
The gainers: State Bank of India (SBI), up 3.20 per cent at Rs 164.65; Hero MotoCorp, up 3.20 per cent at Rs 2,704.85; Asian Paints, up 2.17 per cent at Rs 854.10; Bajaj Auto, up 2.14 per cent at Rs 2,457; and Mahindra and Mahindra (M&M), up 1.66 per cent at Rs 1,230.75.
The losers: Maruti Suzuki, down 2.02 per cent at Rs 3,581.05; BHEL, down 1.83 per cent at Rs 101.90; Coal India, down 1.50 per cent at Rs 312.55; Axis Bank, down 1.37 per cent at Rs 392.50; and Dr Reddy's Lab, down 1.06 per cent at Rs 3,062.10.
