The benchmark BSE Sensex on Friday bounced back by 233.70 pts to a seven-week high of 27,079.51 on rally in tech and commodity stocks as details from the last US Fed meeting indicated that it is in no rush to raise interest rates. Nifty rose 60.35 points to settle at 8,189.70.
In the 50-share index, Vedanta (12.65 per cent), Tata Steel (4.28 per cent), Tata Motors (4.15 per cent), Infosys (3.15 per cent) and ICICI Bank (2.80 per cent) were among the top gainers. Coal India (2.99 per cent), Asian Paints (2.35 per cent), Bank of Baroda (2.31 per cent), Maruti Suzuki (1.92 per cent) and Sun Pharma (1.22 per cent) were among the top losers.
Among the sectoral indices on the Bombay Stock Exchange, the BSE Information Technology index (1.51 per cent), the BSE Teck index( 1.29 per cent), BSE Metal (0.99 per cent), BSE Capital Goods (0.57 per cent) and BSE Bankex (0.51 per cent) gained.
On weekly basis, both Sensex and Nifty surged 858.56 points (3.278 pc) and 238.80 points (3 pc), respectively — indexes second straight weekly rise.
The market has moved higher tracking the global markets where risk appetite has increased on easing global risks. Commodity prices continue to rise and concerns over an immediate US rate hike have receded. The Fed’s meeting minutes released on Thursday indicates a dovish stance, which has increased optimism on the possibility of a delay in rate hike. While on the domestic front, the market would be looking at the IIP and September CPI data to be released on Monday and Q2 results which will start next week. The consensus expects inflation to move higher from August and IIP to remain flat, Vinod Nair, head-fundamental research, Geojit BNP Paribas Financial Services said.
Markets through the day
3.30 pm: Sensex ends 233.70 points up at27,079.51 on firm global cues, Nifty settles 60.35 points up at 8,189.70.
3.06 pm: Sensex was trading 268.15 points up at 27,113.96. Nifty was up 68.15 points at 8,197.50. The Indian stock markets continued their rally following global cues that surged after minutes from the Federal Reserve’s latest meeting quelled expectations of an imminent US rate hike. ONGC shares were up 2.52 per cent at Rs 264.15. According to Reuters, a spurt in crude futures after an influential forecaster predicted that a market rally was not far off also lifted oil explorers such as Oil and Natural Gas Corp.
2.58 pm: IndusInd Bank shares were down 0.61 per cent at Rs 940.00 after the private sector lender posted 30.2 per cent increase in net profit at Rs 560.04 crore for the second quarter ended September 30. Sensex was up 231.75 points at 27,077.56. Nifty was up 55.65 points at 8,185.
2.26 pm: Sensex up 161.65 points at 27,007.46. Nifty was up 36.90 points at 8,166.25. Shares of housing finance companies gained after the RBI said that banks can now provide loans up to 90 per cent for properties that cost Rs 30 lakh or below. GIC Housing Finance surged 6.49 per cent, Dewan Housing Finance Corporation gained 3.06 per cent, LIC Housing Finance was up 0.73 per cent and Housing Development Finance Corporation rose by 0.56 per cent on BSE.
1.47 pm: Sun Pharmaceuticals Industries shares were trading down 0.97 per cent at Rs 906.70. The company has withdrawn its appeal in the lawsuit filed by Ranbaxy against the US health regulator challenging FDA’s decision to revoke approvals for generic versions of Nexium and Valcyte. Sensex was up 135.71 points at 26,981.52. Nifty was up 33.85 points at 8,163.20.
1.26 pm: BSE Metal index up 1.25 per cent. Sensex was up 113.38 points at 26,959.19.
1.14 pm: Sensex up 117.93 poinst at 26,963.74. Nifty was up 30.85 points at 8,160.20. Top European stocks climbed to a one-month high on Friday and were set for their best weekly gain since late January on renewed hopes that central banks would keep monetary policy loose for longer.The FTSEurofirst 300 index was up 1 per cent at 1,441.68 points by 0706 GMT after rising to a one-month high of 1,442.25, helped by a rally in commodity stocks.
12.44 pm: Shares of Future Group companies rallied on reports that Yoga guru Ramdev’s Patanjali Group tied up with Kishore Biyani-led retail major Future Group. Shares of Future Consumer Enterprise and Future Retail were up 11.66 per cent and 2.56 per cent at Rs 18.20 and Rs 142.15, respectively. Sensex was up 178.72 points at 27,024.
12.24 pm: Meanwhile, Prabhudas Lilladher in a research note said, “1QFY16 was a subdued quarter and we expect 2QFY16 also to be a subdued quarter. Net sales are expected to contract 5.6 per cent YoY, EBITDA is expected to improve by 5.5 per cent and net profits are expected to contract 0.5 per cent YoY. Steep fall in commodities is one of the main reasons for the fall in revenues.” Sensex was up 160 points at 27,006.
12.02 pm: Sensex was up 223.91 points at 27,069.72. The share price of Vedanta jumped over 10 per cent after the company informed BSE that the company in line with the production release made by Vedanta Resources Plc. Nifty was up 52 points at 8,182.
11.10 am: Share price of Genesys International Corporation hit upper circuit on Firday. The share price of the company jumped 19.99 per cent to Rs 83.15 on BSE. The share price of the company climbed after the company informed BSE that Quikr – India’s dominant online cross category classifieds company is making an investment in Genesys’ venture AN Virtual World Tech. Genesys, a leading Indian geospatial and Mapping Services Company sponsored WoNoBo (www. wonobo .com) – an unique immersive location based services platform which has helped bring millions of small businesses online and also represents the single largest unique real estate dataset of all the major cities of India. This investment by Quikr is a strategic move as it deepens its offerings in several verticals and consolidating its position in the online classifieds industry. Sensex was up 236 points at 27,081.
10.16 am: The rupee strengthened by 20 paise to 64.86 against the dollar in early trade today on fresh selling of the US currency by exporters and banks amid firm domestic equity markets.
10.13 am: The benchmark BSE Sensex soared by 320 points to trade above the 27,000 level on Friday following a flurry of buying by investors amid strong Asian trends. The index was at 27,165. Brokers said all-round buying by participants, tracking a rally at the other Asian markets following overnight gains at the Wall Street helped the indices rebound.
9.39 am: Sensex surged 300.16 points at 27,145. The BSE Capital Goods index and the BSE Bankex were up 1.23 per cent and 1.17 per cent, respectively. Rest all other sectoral indices on the BSE were in green in the early trade.
9.33 am: The BSE Sensex was up 297 points at 27,142. NSE Nifty was up 85.60 points at 8,214.95. The BSE Midcap and BSE Smallcap index were up 0.88 per cent and 0.99 per cent at 11,040 and 11,439, respectively.
9.19 am: Sensex was up 280.85 points at 27,126. All the stocks in the 30-share index were trading in green. Vedanta was up 3.93 per cent, followed by Hindalco (2.01 per cent) and Tata Steel (1.64 per cent).
The BSE Sensex and NSE Nifty opened in green tracking global cues. Sensex opened 129.11 points up at 26,974.92. Nifty opened 57 points up at 8,186.35.
The US markets ended higher on Thursday in reaction to the minutes of the latest Federal Reserve meeting, which further offset recent uncertainty about the outlook for interest rates. Also, the Labor Department released a report showing a bigger than expected pullback in initial jobless claims. The Asian markets have made a positive start, as investors piled back into riskier assets amid speculation the Federal Reserve won’t be raising interest rates soon.
Oil prices climbed to their highest in three months on Thursday, after forecaster PIRA Energy Group predicted crude prices would rise to $70 per barrel by the end of 2016.
The S&P 500 closed at a seven-week high on Thursday, though S&P 500 e-mini futures edged down about 0.1 percent in early Asian trading.
Japan’s Nikkei stock index added 1 percent, poised to gain 3.4 percent for the week.
Back home, domestic equity markets snapped six-day winning streak on Thursday on the back of profit booking and weak rupee. Sensex slid 190.04 points at 26,845.81, while Nifty lost 48.05 points at 8,129.35.
(With inputs from Reuters)