Markets rally on robust buying; log fourth weekly gain
MUMBAI: The Benchmark Sensex soared over 284 points on Friday while the NSE Nifty finished at a fresh lifetime high on the back of robust gains in FMCG, metal and banking stocks amid positive global cues.
Brokers said sentiment got a lift on uninterrupted buying by domestic institutional investors, while global markets were mixed after the US and China agreed to resume trade talks. The 30-share Sensex stayed in the green throughout the session and hit the day’s high of 38,022.32 on a flurry of buying. It finally ended at 37,947.88, up 284.32 points, or 0.75%. The broader NSE Nifty spurted 85.70 points, or 0.75%, to end at a new record of 11,470.75. It surpassed its previous closing high of 11,470.70 hit on August 9.
It was the fourth straight week of gains for the benchmarks. The Sensex recorded a rise of 78.65 points, or 0.21%, while the Nifty gained 41.25 points, or 0.36%, during the week.
Meanwhile, domestic institutional investors (DIIs) bought shares worth a net of ₹133.78 crore while foreign portfolio investors (FPIs) sold equities worth ₹825.08 crore on Thursday, provisional data showed.
“Indian markets are largely ignoring the rhetoric of global trade wars and rupee depreciation (read dollar appreciation). “Dissecting the earnings for the quarter just gone by, there was a clear evidence in terms of pickup in activity and management commentary of a number of corporates was positive. Quality stocks are seeing more buying interest on every smaller fall, in turn making those more expensive and taking markets to new highs,” said Devang Mehta, head—equity advisory, Centrum Wealth Management.
Yes Bank was the top gainer in the Sensex pack, surging 3.76%, followed by SBI at 3.18%. Other prominent gainers included Vedanta 3.09%, HUL 2.63%, Tata Motors 2.47%, ITC 2.27%, Tata Steel 2.20, ICICI Bank 1.67%, Kotak Bank 1.45%, M&M 1.24% and Adani Ports 1.08%.
However, Hero MotoCorp fell 1.14%, ONGC 0.61%, Maruti Suzuki 0.58%, Coal India 0.44%, PowerGrid 0.35% and Bajaj Auto 0.23%, among others.