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.
The key Indian equity indices traded higher on Friday afternoon due to value buying by investors after the indices slumped in the previous two trading sessions.
According to market observers, healthy buying activity was witnessed in consumer durables, capital goods and oil and gas stocks.
Globally, however, markets were mixed due to the recent international trade protectionist measures.
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At 1.25 pm, the broader Nifty50 of the National Stock Exchange (NSE) traded at 10,687.15 points – up by 98.05 points or 0.93 per cent – from its previous close of 10,589.10 points.
The barometer 30-scrip Sensitive Index (Sensex), which opened at 35,128.16 points, traded at 35,349.76 points – higher by 312.12 points or 0.89 per cent – from its previous session’s close of 35,037.64 points.
Sensex has so far touched a high of 35,349.76 points and a low of 35,099.65 points during the intra-day trade. The BSE market breadth was bullish with 1,700 advances and 644 declines so far.
The domestic indices traded higher on Friday due to value buying in oil and IT sectors among others, said Dhruv Desai, Director and Chief Operating Officer of Tradebulls.
The top gainers on the Sensex were Tata Steel, Reliance Industries, Bajaj Auto, ONGC and Larsen and Toubro (L&T) whereas IndusInd Bank, Mahindra and Mahindra (M&M), HDFC Bank, Sun Pharma and Asian Paints were the major losers.
On the NSE, Hindalco Industries, Gail and Titan were the highest gainers while Dr Reddy’s Lab, IndusInd Bank and Tech Mahindra lost the most.
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