Sensex and Nifty closed on their respective record highs as shares of blue-chip companies such as Yes Bank, Adani Ports, Bharti Airtel, Bajaj Finance and IndusInd Bank surged up to 5%.
Indian stock markets ended higher on Friday with the key equity indices making their respective intraday record highs with midcap stocks outperformed. Shares of blue-chip companies such as Yes Bank, Adani Ports, Bharti Airtel, Bajaj Finance and IndusInd Bank emerged as the top gainers on Friday with Yes Bank rising over 6.5% intraday. Sensex soared 184.21 points or 0.54% to conclude at 34,153.85 while Nifty added 54.05 points or 0.51% to finish at 10,558.85. The investors seemed to be in a value-buying mode ahead of inflation data and the beginning of third-quarter corporate earnings. The very next week companies like Tata Consultancy Services, Infosys and IndusInd Bank are scheduled to release the Q3 earnings report card. During the day, the 30-share barometer Sensex jumped 219.21 points to the record high of 34,188.85 while the wider indicator Nifty added 61.3 points to mark a high of 10,566.1 for the first time. The domestic markets enjoyed a rally in line with most of the Asian peers following the record high closing on Wall Street overnight. The US benchmark index Dow Jones Industrial Average breached the psychological 25,000 mark for the first time ever on Thursday.
Shares of India’s fifth-largest private sector lender Yes Bank gained over 6% intraday on Friday for the first time after inclusion in the index. The stock of Yes Bank emerged as the biggest gainers among the Sensex stocks on Friday and the largest contributor in fuelling up the index. The stock of Yes Bank advanced as much as 6.57% to the day’s high of Rs 337.95 before closing up 5.03% at Rs 333.05 on BSE. Shares of India’s largest telecom giant Bharti Airtel gained over 3% on Friday as the company added about 40.4 lakh subscribers in November 2017. With adding 40.4 lakh subscribers during November, Bharti Airtel commands a total subscriber base of 28.95 crore, as per the data released by COAI. The stock of Bharti Airtel surged as much as 3.79% to the day’s high of Rs 542.25 before settling up 3.36% at Rs 540on BSE.
Shares of Adani Ports, IndusInd Bank, Dr Reddy’s, Asian Paints, TCS, Tata Steel, HDFC, ITC, Axis Bank surged up to 3.7%. The heavyweight shares of companies such as Yes Bank, HDFC, IndusInd Bank, ITC, TCS, Bharti Airtel, HDFC Bank, Adani Ports and Reliance Industries contributed the most to the Sensex upsurge. Collectively these nine stocks alone added about 183 points to the index. The other broad market indices of NSE such as Nifty Next 50, Nifty 100, Nifty 200, Nifty 500, Nifty Midcap 50, Nifty Mid100 Free and Nifty Sml100 Free advanced in a range of 0.6% to 1.4%. On the other hand, ten out of the eleven sectoral indices of NSE ended in green with Nifty Media, Nifty Pvt Bank, Nifty FMCG, and Nifty Auto leading the charge while Nifty PSU Bank index finished in red. BSE Sensex gained 51.63 points to begin at 34,021.27 and NSE Nifty added 29.45 points to open at 10,534.25.
Shares of Aditya Birla group’s telecom company Idea Cellular gained nearly 14% on Friday after the company presented a plan to raise up to Rs 6,750 crore on Thursday which is inclusive of Rs 3,250 crore preferential allotment of equity shares. The board of directors of Idea Cellular approved an issuance of 32.66 crore equity shares of face value Rs 10 at a price of Rs 99.5 on a preferential basis to the promoter group entities and constituted a committee to evaluate potential routes for raising further capital of up to Rs 3,500 crore. Following the development, the stock of Idea Cellular jumped as much as 13.73% to the day’s high of Rs 118.9 before closing up 10.28% at Rs 115.3 on NSE.