Mar­kets End Three-day Los­ing Streak, Fin Stocks Lead Gains

The Economic Times - - Markets: Beating Volatility - Our Bureau Mar­ket In­tel­li­gence

Mum­bai: In­dia’s bench­mark stock in­dices broke their three­day los­ing streak Fri­day ahead of the pub­li­ca­tion of the exit polls, gain­ing around 1% each af­ter a pro­tracted de­cline in global crude prices helped strengthen the ru­pee against the dol­lar.

The Sen­sex climbed 361.12 points, or 1%, to close at 35673.25 and the Nifty ended up 92.55 points, or 0.9%, at 10693.70. The mar­ket’s fear gauge, also known as In­dia VIX, ended lower by 3.4% at 18.65.

The fo­cus would be on the US non-farm pay­rolls data, sched­uled to be re­leased Fri­day evening, and on Tues­day’s out­come of the five state elec­tions. Exit polls on these elec­tions were be­ing broad­cast by tele­vi­sion sta­tions af­ter trad­ing ended in Mum­bai.

“The elec­tion re­sults will be an­nounced on Tues­day and those will de­cide the fate of the In­dian cur­rency and eq­uity mar­kets in the short run,” said VK Sharma, head-PCG & Cap­i­tal Mar­kets Group, HDFC Se­cu­ri­ties.

On Fri­day, fi­nan­cial stocks led the gains on the in­dices, Ko­tak Mahin­dra Bank ended as the top gainer on the Sen­sex, climb­ing 8.5%. The pri­vate lender’s stock ended off the day’s high of about 14% af­ter it de­nied re­ports that War­ren Buf­fett’s Berk­shire Hath­away is plan­ning to buy a 10% stake in the bank.

Adani Ports, Ba­jaj Auto, In­fosys, Asian Paints, Hero Mo­to­Corp and Maruti Suzuki In­dia AD­VANCE & DE­CLINE HIGHS & LOWS were the other top gain­ers on the in­dex, up 1.4-2.7%.

Sun Phar­ma­ceu­ti­cal In­dus­tries, Coal In­dia, Yes Bank, NTPC and Tata Steel were the worst per­form­ers on the Sen­sex, with losses of 0.6-2.1%.

For­eign port­fo­lio in­vestors net sold In­dian shares worth Rs 817.4 crore, while do­mes­tic in­sti­tu­tional in­vestors net bought In­dian shares worth ₹ 242.56 crore, pro­vi­sional data showed.

Uncer­tainty over the out­come of state elec­tions has been one of the rea­sons for ner­vous­ness in the mar­kets this week. These state elec­tions are seen as the cur­tain raiser to the 2019 na­tional polls. With the mar­kets los­ing mo­men­tum, an­a­lysts ad­vised in­vestors to look for fun­da­men­tally strong stocks from lead­ing sec­tors trad­ing above their 50and 200-DMAs.

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