The benchmark equity indices -- Sensex and Nifty -- ended on a higher note, triggered by gains in Infosys amid encouraging global cues.
The benchmark equity indices — Sensex and Nifty — ended on a higher note, triggered by gains in Infosys amid encouraging global cues. The 30-share Sensex ended a fresh closing peak of 41,859.69, up 259.97 points, or 0.62 per cent after touching intraday high of 41,899.63. NSE Nifty also touched a record high of 12,337.75, before settling at 12,329.55, up 72.75 points, or 0.59 per cent. Among the major gainers were Infosys, followed by IndusInd Bank, Bharti Airtel, HUL, M&M, Tata Steel, PowerGrid and Tech Mahindra.TCS, SBI, Bajaj Auto, ICICI Bank, RIL, Axis Bank and Nestle India finished in the red in the Sensex pack.
Infosys led the rally in the intraday trade after reporting better Q3FY20 numbers than what the street estimated on Friday. The share market also reacted to the IIP numbers released by the government on Friday. After contracting for three straight months, the Index of Industrial Production (IIP) recorded a growth of 1.8 per cent in November, mainly on account of improvement in the manufacturing sector. The consumer price index (CPI)-based inflation numbers for December are also due later in the day. Asian markets too ended on a higher note, while European markets also began on a positive note. “As geo-political tensions between US and Iran have subsided, investors’ focus is likely to shift towards domestic developments i.e. Q3 earnings and announcement of macro data. Hence, we expect stock specific activity will be on a higher side. Meanwhile, investors will also continue to track rupee and crude oil price movement,” Ajit Mishra, VP – Research, Religare Broking said.
“The capital market managed to close in green with stronger breadth, for every one declining stock there were two and half advancing stocks. The stronger breadth has remained trait of this rally. It is an indication of broadening base. Today Infy was showstopper due to better than expected Q3 result. Nifty Realty continued its wining strike. One should keep an eye on good midcap and small-cap stocks which are outperforming markets,” Vishal Wagh, Research Head, Bonanza Portfolio said.
The brent crude oil futures rose 0.37 per cent to USD 65.22 per barrel and the rupee appreciated 12 paise to 70.82 per US dollar in the intraday trade. Meanwhile, on a net basis, foreign institutional investors bought equities worth Rs 578.28 crore, while domestic institutional investors purchased shares worth Rs 251.74 crore on Friday, data available with stock exchanges showed.