Benchmark indices BSE Sensex and NSE Nifty ended in green on Friday. The 30-share index settled 363.98 points up at 28,078.35, while Nifty closed 132.05 points up at 8683.15. On the National Stock Exchange, 63 stock hit their fresh 52-week on Friday. Some of the stocks include Tata Motors, UltraTech Cement, YES Bank, Tata Steel, NTPC, Larsen & Toubro Infotech and Indian Oil Corporation.
Below are five reasons which supported market sentiments in today’s trade:
1) Buying in frontline bluechip counters on account of firm global cues supported market sentiments in the domestic equity markets.
2) Market also got some boost with the government is planning to set a target of April 1, 2017 for rollout of the GST Bill and unveiling a detailed roadmap for its implementation.
3) Foreign portfolio investors (FPIs) remained net buyers in the domestic equity markets and bought shares worth a net Rs 559.49 crore on Thursday, which also provide some support in the early trade on Friday.
4) Market participants also took note of the India Meteorological Department’s weekly update on monsoon rains which stated that during July 28 to August 3, rainfall stood above long period average by 6 per cent over the country as a whole.
5) Indian rupee was trading around 13 paise higher at the time of market closing which further provide some support to markets.