gujarat banner
Homemarket News

Sensex rises 350 pts as market extends winning streak to 6th straight day — Axis Bank jumps

Sensex rises 350 pts as market extends winning streak to 6th straight day — Axis Bank jumps

Sensex rises 350 pts as market extends winning streak to 6th straight day — Axis Bank jumps
Read Time
3 Min(s) Read
Profile image

By Sandeep Singh  Oct 21, 2022 10:25:08 AM IST (Published)

The Sensex and the Nifty50 rose on Friday amid gains in financial, FMCG and pharma stocks, though losses in IT and metal counters kept the upside in check.

Recommended Articles

View All

Indian equity benchmarks rose on Friday, continuing to rise for the sixth session in a row, led by gains in financial, FMCG and pharma stocks though losses in IT and metal shares limited the upside. Weakness across most of their global peers kept the bulls on the back foot, amid concerns about the impact of sharp hikes in interest rates on economic growth.
Both headline indices gained about half a percent in the first few minutes of trade. The Sensex jumped 346.8 points to touch 59,549.7 at the strongest level of the day so far, and the Nifty50 climbed to as high as 17,657.7, up 93.7 points from its previous close. 
A total of 36 stocks from the Nifty50 basket began the day in the green. Axis Bank, ITC, Bajaj Finance, Titan and Adani Enterprises were the top gainers.
IndusInd, Hindalco, Adani Ports, Bharat Petroleum and HDFC Life — up around half a percent each — were some of the other blue-chip stocks that rose the most.
Axis Bank, ICICI Bank, Kotak Mahindra Bank, Hindustan Unilever and SBI were the biggest boosts for both main indices.
On the other hand, PowerGrid, Bharti Airtel, Tata Motors, ONGC and UPL — declining up to one percent — were the top laggards.
Investors awaited more of earnings reports from India Inc for domestic cues, a day after Axis BankITC and Tata Consumers reported their quarterly numbers. Reliance will report its results later in the day.
Axis Bank shares surged as much as 6.5 percent to a 52-week high of Rs 880 apiece on BSE, a day after the private sector lender reported a strong set of earnings.
ITC shares were in demand after the cigarette-to-hotel conglomerate reported a strong overall performance in the July-September period.
JPMorgan kept its target price intact after the earnings announcement — implying upside potential of 8.7 percent in the stock.
"Even though valuations in the Indian market are high from a short-term perspective, economic and earnings fundamentals partly justify the premium. More importantly, DII/retail support to the market is becoming strong  enough to counter FII selling. This explains the logic of FIIs turning buyers when US bond yields are moving up," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
FIIs emerged net buyers of Indian shares on Thursday following nine straight trading days of selling, according to provisional exchange data.
Overall market breadth favoured the bulls, as 1,782 stocks rose and 785 fell on BSE.
The rupee managed to stay above the 83 mark against the US dollar.
Global markets
Equities in other Asian markets saw largely negative moves, following a weak handover from Wall Street, with MSCI's broadest index of Asia Pacific shares outside Japan quoting 0.2 percent lower at the last count. Japan's Nikkei 225 was down 0.2 percent.
S&P 500 futures were flat. On Thursday, the S&P 500 fell 0.8 percent, the Dow Jones 0.3 percent and the Nasdaq 0.6 percent.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!