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Markets recover on rate cut hopes in Mumbai
Sensex surges 280.71 points; Nifty climbs 93 points to cross 11,000 mark
Mumbai: Benchmark indices finished with smart gains on Friday as investors wagered on another rate cut by the RBI following subdued inflation data amid a broad upmove in global equities on signs of easing US-China trade tensions.
A strengthening rupee and foreign capital inflows added to the buying momentum, traders said. After a lacklustre start, the 30-share BSE Sensex saw buying momentum in late-afternoon trade to close 280.71 points, or 0.76 percent, higher at 37,384.99. On similar lines, the broader NSE Nifty settled 93.10 points, or 0.85 percent, higher at 11,075.90. During the week, the Sensex advanced 403.22 points or 1.09 percent, while the Nifty gained 129.70 points or 1.18 percent.
"Broad based recovery in rate-sensitive stocks fuelled domestic market while additional policy measures from European Central bank powered global peers," said Vinod Nair, Head of Research, Geojit Financial Services.
Sectorally, BSE oil and gas, energy, metal, realty, utilities, bankex, power, auto and IT stocks ended up to 2.73 percent higher. However, telecom and healthcare dropped up to 0.94 percent. Broader BSE midcap and smallcap indices settled up to 0.82 percent higher.
The Indian rupee appreciated 6 paise (intra-day) to trade at 71.07 per US dollar. Foreign institutional investors (FIIs) remained net buyers in the capital market, putting in Rs 783.55 crore on Thursday, according to provisional exchange data. Global oil benchmark Brent crude was trading 0.31 percent lower at $60.19 per barrel.
Top gainers
Symbol LTP % change
BPCL 408.70 6.38
IOC 130.40 4.82
TITAN 1,124.10 3.50
GAIL 129.35 2.86
VEDL 149.50 2.78
Top Losers
Symbol LTP % change
IBULHSGFIN 437.95 -2.55
SUNPHARMA 421.80 -1.40
DRREDDY 2,728.65 -1.39
BHARTIARTL 344.00 -1.02
HDFCBANK 2,259.80 -0.49
