Nifty settles above 8,800 after 16 months; Sensex rallies 109 points; Adani Ports, Bank of Baroda gain

By: | Updated: September 2, 2016 5:22 PM

Buying in the last hour of trade supported domestic equity markets as the BSE Sensex closed 108.63 points, or 0.38 per cent, up at 28532.11.

Sensex, Nifty, BSE, NSEBuying in the last hour of trade supported domestic equity markets as the BSE Sensex closed 108.63 points, or 0.38 per cent, up at 28532.11. (Photo: Reuters)

Buying in the last hour of trade supported domestic equity markets as the BSE Sensex closed 108.63 points, or 0.38 per cent, up at 28532.11. Firm opening in European markets gave some support to benchmark indices on Friday. The 50-share index closed 35 points, or 0.40 per cent, up at 8,809.65. Nifty settled above 8,800 for the first time since April 2015. Markets were also waiting for the American jobs data, which could hint the timing of the next US interest-rate hike. Strong employment report may put the Federal Reserve on track to raise short-term rates this year.

Among the 51-components in the Nifty index, Adani Ports gained the most — 3.90 per cent, followed by Bank of Baroda (up 3.19 per cent), Tata Motors DVR (up 2.22 per cent), Maruti Suzuki (up 2.06 per cent) and Bharti Airtel (up 2.06 per cent). On the other hand, Coal India, Reliance Industries, ACC, Infosys, Zee Entertainment slipped by 1.76 per cent, 1.57 per cent, 1.22 per cent, 0.73 per cent and 0.64 per cent, respectively.

Barring the BSE Metal index (down 0.29 per cent), IT (down 0.21 per cent) and Capital Goods (down 0.10 per cent), rest all other sectoral indices ended the day in green. The BSE Telecom index, Auto index and Realty index gained 1.48 per cent, 1.01 per cent and 0.95 per cent, respectively.

Jayant Manglik, president, retail distribution, Religare Securities said, “Nifty upheld its consolidation bias on Friday as well and ended marginally higher, tracking renewed buying interest in select index majors in second half. In absence of any major trigger, participants were remained busy finding trades on stock specific front and counters from auto pack topped their list, due to announcement of monthly sales figure. Also, stocks from banking, pharma, infra space remained on traders’ radar.”

On the global front, Asian shares made mixed closing on Friday. Shanghai and Hang Seng closed higher by 0.13 per cent and 0.45 per cent, respectively. However, Nikkei settled marginally down by 0.01 per cent at 16,925.68.

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