Markets jump on global cues
Stocks markets surged forward on Friday, driven by increased foreign fund inflows amid firm global cues on dovish stance by the US Federal Reserve.
Sensex rises by 275 points while Nifty crosses 7,600 mark
Mumbai: Stocks markets surged forward on Friday, driven by increased foreign fund inflows amid firm global cues on dovish stance by the US Federal Reserve. The benchmark BSE Sensex zoomed 275 points to settle at an over two-month high of 24,952.74 while the NSE Nifty again topped the 7,600-mark.
The rupee appreciating to over two-month high of 66.55 against the dollar too boosted trading sentiment. After opening higher, Sensex stayed in the positive zone throughout the day and hit the day's high of 24,986.94, before ending 275.37 points or 1.12 per cent higher at 24,952.74, its highest closing since January 6. The index had shed 5.11 points on Thursday.
The 50-share NSE Nifty recaptured the crucial 7,600-mark to hit a high of 7,613.60 as it finally settled 91.80 points or 1.22 per cent higher at 7,604.35. Both the leading indexes surged for a third straight week as BSE Sensex climbed by 234.75 points or 0.94 per cent while NSE Nifty surged 94.15 points or 1.25 per cent.
Shares of IT giant TCS emerged as the top gainer among Sensex constituents with a rise of 3.21 per cent to Rs 2,427.25 followed by GAIL at 3.13 per cent to Rs 364.15. Overall, 26 scrips, out of 30 Sensex stocks ended higher. Other winners were Adani Ports (2.66 pc), SBI (2.63 pc), Infosys (2.59 pc), BHEL (2.26 pc), M&M (2.11 pc), Tata Steel (2.10 pc), Axis Bank (1.87 pc), HDFC (1.62 pc), Wipro (1.56 pc), Dr Reddy's (1.56 pc) and Tata Motors (1.34 pc).
Persistent buying by retail investors also helped mid-cap and small-cap indices gain up to 0.66 per cent. Among the BSE sectoral indices, IT gained the most by 2.31 per cent followed by tech (2.17 per cent), metal (2.14 per cent), realty (1.57 per cent), bankex (1.47 per cent), auto (1.36 per cent) and consumer durables (0.87 per cent).
Foreign investors bought shares worth a net Rs 744.49 crore on Thursday, provisional data showed. Global markets remained buoyant after the US Federal Reserve on Wednesday decided to scale back its forecasts on hiking interest rates. Hong Kong's Hang Seng and Shanghai Composite Index ended 0.82 per cent and 1.73 per cent higher, respectively, while Japan's Nikkei fell 1.25 per cent. Europe was in a better shape in early trade.