Reversing losses of past two days, the Sensex and the Nifty 50 advanced gains and set to end week on high, riding on value buying and positive sentiment as July series opened on a strong note on Friday. The BSE Sensex was up by over 350 points, or 1.01 percent, at 35,389.79, while the NSE Nifty 50 was eyeing 10,700 mark, trading higher by 107.05 points, or 1.01 percent, to 10,696.15 at 2.07 pm. MidCaps on both indexes were trading higher, gaining up to 1.45 percent. Metal stocks led by Tata Steel, Vedanta were trading higher along with SBI, ICICI Bank and others. Axis Bank, M&M, Asian Paints were the laggards on both indexes. Almost all sectoral indices on the NSE were trading in the green.
Market update at 2.10pm) Sensex, Nifty extended gains in the pre-noon session
The BSE Sensex and the NSE Nifty 50 consolidated gain in the pre-noon session on Friday after opening higher on positive sentiment across markets in Asia and the US.
The Indian benchmark indexes reversed its two day decline with the 30-share S&P BSE Sensex rising over 200 points and the broader 50-share NSE Nifty 50 reclaiming the 10,600 mark on fresh buying by traders as the July series derivatives contracts began on a strong note buoyed by a recovery in the rupee.
At 11.25am, the Sensex was up by 205.69 points, or 0.59 percent, to 35,243.33, while the Nifty 50 was higher by 69.25 points, or 0.65 percent, to 10,658.35.
Major gainers on both indexes include Tata Steel, Reliance Industries, ONGC, SBI, Vedanta, ITC, Hindustan Unilever, Tata Motors, Coal India, Bharti Airtel, ICICI Bank, Wipro, TCS, Maruti Suzuki, Sun Pharma, rising up to 3 percent. M&M, IndusInd Bank, Asian Paints, Axis Bank, HDFC Bank, Infosys were among the laggards on both indexes, falling by up to 2.19 percent. As many as 38 scrips advanced against the 12 declines on the NSE.
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Most of the broader market and sectoral indices on the NSE were trading in the green, with Metal, PSU Bank and Realty leading the sectors up to 2.19 percent gain. Nifty Pharma was down marginally. MidCaps and SmallCaps on both indices were also trading positive. All indices on BSE were also trading in the positive zone.
The Indian markets had closed in the red on Thursday with the BSE Sensex at 35,037.64 points, declining by 0.51 percent, while the NSE Nifty 50 shed over 82 points to end the day at 10,589.10 points, lower by 0.77 percent. On the NSE, 14 scrips advanced as against 36 declines, while all sectoral indices ended in the negative zone except Nifty Metal. Nifty IT, Media, Pharma, PSU Bank, Realty declined between 1-2.21 percent.
The Indian rupee on Thursday opened at 68.70 against the US dollar after and hit the all-time low of 69.09 a dollar. The rupee had closed at 68.79 a dollar.
Asian markets too recovered sharply after opening lower on Friday tracking overnight gains on the Wall Street. While the overall sentiment remains cautious due to global trade frictions, a move to ease foreign investment curbs in China is likely to have a positive impact on the sentiment. At 11.45 am IST, Hang Seng was trading higher by over 380 points, or by 1.35 percent, while the Nikkei was trading in the green.Stocks on Wall Street posted small gains on Thursday, helped by financial and technology shares.