Stock market bounces back; banks, metals shine
Sensex was up 599.34 points, or 0.83 per cent at 73,088.33, while the Nifty was up 151.20 points or 0.69 per cent at 22,147.
Domestic equity benchmark BSE Sensex jumped over 200 points on Friday the Nifty reached the level of 11,000 in early trade led by increases in economic and energy stocks in the midst of favourable worldwide indications.
The 30-share index was trading 205.70 points, or 0.55 per cent, higher at 37,274.63 at 0930 hours, while the broader Nifty rose 61.35 points, or 0.56 per cent, to 11,009.65.
In the previous session, the BSE barometer ended 382.91 points, or 1.02 per cent, lower at 37,068.93, and the Nifty shed 97.80 points, or 0.89 per cent, to finish at 10,948.30.
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Friday’s top early trade winners in the Sensex set included Tata Steel, Vedanta, TCS, Yes Bank, ONGC, Tata Motors, HDFC twins, SBI, IndusInd Bank and ICICI Bank, up to 3 per cent.
On the other hand, TechM, HCL Tech, TCS, Bharti Airtel, Infosys and Asian Paints fell up to 1 per cent.
Investor sentiment has returned from worldwide markets monitoring company signals, traders said. Bourses traded on a favourable note in their corresponding early evening meetings in Shanghai, Hong Kong, Korea and Japan.
Exchanges on Wall Street too ended in the green on Thursday. The market is also awaiting the government’s official estimate of GDP growth for Q1 FY20 to be released later in the day.
In the interim, the Reserve Bank of India on Thursday played down deepening slowdown as just “soft patch mutating into a cyclical downswing”.
In the annual report for FY19, the central bank conceded that diagnosing the exact problems was “difficult”, but reiterated that the issues were not structural in nature.
Foreign portfolio investors on Thursday sold Rs 986.58 crore net worth of stocks, while national institutional investors bought Rs 489.23 crore worth of stocks, temporary information indicates.
Meanwhile, at 71.68 in the early meeting, the rupee valued 11 paise against its prior close to trade. Global oil benchmark At 60.59 per barrel, Brent crude traded 0.17 per cent greater.
(With inputs from PTI/ IANS)
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