Indices log weekly rise as finance stocks spurt
MUMBAI: Equity indices resumed their upward trajectory on Friday after a day’s pause as banking, finance and telecom counters saw robust demand amid mixed global cues. A recovering rupee and unabated foreign fund inflows added to the momentum, traders said. After a choppy session, the 30-share BSE Sensex ended 282.29 points or 0.65% higher at 43,882.25.
Similarly, the broader NSE Nifty rose 87.35 points or 0.68% to close at 12,859.05.
Bajaj Finserv was the top gainer in the Sensex pack, rallying 9.13%, followed by Titan, Bajaj Finance, Kotak Bank, Bharti Airtel, Nestle India, NTPC and HDFC Bank. Bharti Airtel finished 3.18% higher after Bharti Infratel and Indus Towers announced the completion of their merger deal to create a mega tower company.
On the other hand, Reliance Industries, IndusInd Bank, Sun Pharma, ONGC, Axis Bank, HUL and L&T were the losers, skidding up to 3.72%. During the holiday-shortened week, Sensex rose 439.25 points or 1.01%, while Nifty advanced 139.10 points or 1.09%.
“Domestic equities gained amid mixed global cues. A sharp rebound in heavyweight financials on news pertaining to government may be considering corporate and foreign bank participation in privatisation of select PSBs led market to move higher. “Additionally, buying momentum in mid-cap and small-caps remained visible in the backdrop of improved prospects of earnings improvement. We continue to maintain our cautiously optimistic approach about the market as underlying strength of markets remains intact,” said Binod Modi, head if strategy at Reliance Securities.
BSE telecom, consumer durables, power, finance, teck, utilities, bankex and FMCG indices rallied as much as 4.73%, while BSE energy was the sole sectoral laggard. Broader BSE midcap and smallcap indices soared up to 1.22%.
Elsewhere in Asia, bourses in Shanghai, Hong Kong and Seoul ended on a positive note, while Tokyo was in the red. Stock exchanges in Europe were trading higher in early deals.
Brent crude futures, the global oil benchmark, rose 0.41% to $44.38 per barrel. The rupee appreciated by 11 paise to finish at ₹74.16 against the US dollar.
Meanwhile, foreign institutional investors remained net buyers in the capital market as they purchased shares worth ₹1,180.61 crore on Thursday, according to provisional exchange data.