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Markets rebound as IT stocks shine
Equity benchmark BSE Sensex overcame a weak start to end nearly 100 points higher on Friday
Mumbai: Equity benchmark BSE Sensex overcame a weak start to end nearly 100 points higher on Friday, led by auto, IT and finance stocks, even as global markets dived after US announced fresh tariffs on Chinese imports.
Sentiment received a leg-up after reports said the Prime Minister's Office and the finance ministry have held talks on the issue of tax surcharge on FPIs.
The 30-share BSE Sensex rose 99.90 points or 0.27 per cent to settle at 37,118.22.
Similarly, the broader NSE Nifty gained 17.35 points or 0.16 per cent to end at 10,997.35. On a weekly basis, the Sensex lost 764.57 points or 2.01 per cent, while the Nifty declined 286.95 points or 2.54 per cent.
Global markets tanked after US President Donald Trump on Thursday announced that the US will impose 10 per cent levy on $300 billion worth Chinese imports, which Beijing vowed to retaliate.
"Better domestic macros like GST collection, PMI and monsoon forecast in August provided a relief hoping that economy will improve by H2FY20," said Vinod Nair, Head of Research, Geojit Financial Services.
Sectorally, BSE telecom emerged as the biggest gainer by surging 3.63 per cent, followed by auto (1.07 per cent), teck (0.91 per cent), consumer durables (0.79 per cent), information technology (0.65 per cent) and capital goods (0.14 per cent).
Power was the biggest loser, tumbling 1.30 per cent, followed by utilities (1.03 per cent), oil and gas (0.86 per cent), realty (0.82 per cent), bankex (0.62), industrials (0.32 per cent), basic materials, energy (0.29 per cent each), FMCG (0.27 per cent), healthcare (0.25 per cent) and finance (0.01 per cent).
Foreign investors continued their selling spree and offloaded shares worth a net Rs 1,056.55 crore on Thursday, as per provisional data with stock exchanges.
Meanwhile, the rupee was trading 52 paise lower at 69.58 against the US dollar (intra-day). The global oil benchmark Brent crude futures soared 2.28 per cent to $61.88 per barrel.
Elsewhere in Asia, Shanghai Composite Index slipped 1.41 per cent, Hong Kong's Hang Seng plunged 2.35 per cent, Japan's Nikkei shed 2.11 per cent, Korea's Kospi lost 0.95 per cent following ratcheting up of US-China trade tensions.
