The Indian market reversed the losses seen on Thursday, with headlines indices gaining 1 percent each. The benchmark Sensex gained 391 points to close at 37,576 and the Nifty gained 1116 points to see a close above 11,350.
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Financials made a contribution of over 50 percent to Nifty gains with HDFC, Axis Bank and ICICI being top gainers. Kotak Mahindra Bank surged more than 2 percent post the announcement in relation to issuance of 100 crore Non-Convertible Perpetual Non-Cumulative Preference Shares to raise Rs 500 crore.
In the broader markets, Nifty Midcap Index jumped 186 points to end the session at over 2-month of 19,113. Support was seen from financials like Edelweiss Fin, L&T Fin, DHFL and Canara Bank. Broad-based gains in the financials helped Nifty Bank surge 340 points to 27,696.
For the week, Sensex Sensex Gained 0.6 percent, Nifty 0.7 percent, Nifty Bank 0.2 percent and Nifty Midcap Index was the outperformer with a gain of 1.8 percent.
On the earnings front, Titan reported a muted set of earnings for the Jewellery segment while watches showed a major improvement. Jewellery had a revenue growth of a little over 5 percent against an expectation of 8-10 percent.
The stock had taken a sharp knock post earnings, but recovered in the last hour to close with a fall of 0.25 percent. Another FMCG stock Nestle had a bad day in office. The stock closed 4 percent lower as domestic sales growth for April-June quarter came in at 8 percent against an estimate of 11-13 percent.
In the futures market, Nifty 11,500 Call saw major traction with the call shedding 4 lakh shares in the open interest with premium surging 60 percent. Nifty 11,300 Put call added 8.8 lakh shares in the open interest with premium slipping 37.5 percent. Nifty August Futures maintained a premium of over 30 points. The premium on Friday was at 35 points against 38 points on Thursday.
Asian stocks closed mixed on Friday, with trade jitters weighing on Chinese shares while the dollar traded near its highest levels in around two weeks. Japan's Nikkei 225 edged up by 0.1 perecnt to close at 22,525. Precision machinery makers, energy and automobiles rose, with Suzuki Motor up 8.5 percent after reporting strong earnings.
The broader Topix pulled back by 0.5 percent, with 27 of its 33 sectors finishing lower. In South Korea, the Kospi added 0.8 percent to end at 2,288 as the manufacturing sector, retailers and technology notched gains. Index heavyweight Samsung Electronics edged up by 0.4 percent. Australian stocks tracked slightly lower, with the S&P/ASX 200 slipping 0.1 percent to 6,235.
Hong Kong's Hang Seng Index eased 0.1 percent , with the materials, consumer goods and services sectors falling by more than 2 percent. Chinese shares also stumbled, with the Shanghai Composite losing 1 percent to finish at 2,741 and the smaller Shenzhen Composite dropping 1.7 percent.