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Markets rebound on value buying
Equity benchmark indices Sensex and Nifty on Friday reversed their six-session losing streak and rebounded more than one per cent on value-buying in...
Equity benchmark indices Sensex and Nifty on Friday reversed their six-session losing streak and rebounded more than one per cent on value-buying in auto, IT, financial and energy stocks. Better-than-expected quarterly financial results of corporates also boosted investor sentiments even as uncertainties persisted over the escalating tensions in the Middle East, according to analysts. In a largely range-bound trade, the 30-share BSE Sensex rose 634.65 points or 1.01 per cent to settle at 63,782.80 points.
During the session, it swung between a high of 63,913.13 points and a low of 63,393.37 points. Likewise, the wider gauge Nifty surged 202.45 points or 1.07 per cent to 19,059.70 points.Investors became richer by over Rs 4.41 lakh crore asthe market capitalisation (mcap) of BSE-listed firms jumped by Rs 4,41,152.35 crore to Rs 3,10,45,955.07 crore from Rs 3,06,04,802.72 crore on Thursday.
FIIs offloaded equities worth Rs1,500.13 crore on Friday, according to exchange data.
“Domestic equities ended higher following positive global cues. The US Q3 GDP data came in at a two-year high of 4.9 per cent, which was better than the expectation of 4.2 per cent and shows strong US economy resilience. Even on the domestic front, heavyweights like Maruti, Cipla and Dr Reddy came out with robust results during the session, which boosted investor sentiments,”said Siddhartha Khemka, head (retail research), Motilal Oswal Financial Services Ltd.
Axis Bank was the biggest gainer in the Sensex pack, rising 3.07 per cent, followed by HCL Tech, SBI, NTPC, Tata Motors, Nestle India, and Infosys. Shares of index heavyweight Reliance Industries witnessed heavy buying as it surged 1.75 per cent to close at Rs 2,265.25 apiece.
