Sustained buying in mid and small-cap indices fuelled a broad-based recovery in Indian market on Friday with the benchmark indexes, the Sensex and the NSE Nifty 50, surging ahead of Asian peers, retreating from sharp losses seen yesterday.
The BSE Sensex and the NSE Nifty 50 each ended over a percent's gain on Friday, posting biggest intra-day gains in a month, led by a broad-based buying spree, particularly in metal, private bank and NBFC stocks like Indiabulls Housing Finance.
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Heavyweight shares like ITC, TCS and Reliance Industries also pitched in lending support to indexes. The Sensex settled at 37,556, jumping over 390 points, while the Nifty closed at 11,360, rising over 100 points.
Financial stocks alone contributed over 50 percent of Nifty gains. Tata Motors, Hero MotoCorp and HDFC Bank were among top laggards along with Tech Mahindra.
(Market update as of 3.45 pm)
Sensex, Nifty sustain gains on buying spree in midcaps
Sustained buying in mid-and small-caps indices fuelled a broad-based recovery in Indian market on Friday with the benchmark indexes, the Sensex and the NSE Nifty 50, surging ahead of Asian peers, retreating from sharp losses seen yesterday.
Just ahead of noon, the Sensex was trading higher by over 250 points, or up by 0.68 percent, trading near 37,420 mark, while the Nifty was above 11,300 mark, rising by 75 points, or 0.67 percent, to 11,320.15.
BSE MidCap is trading higher by nearly a percent, rising by over 150 points, well-supported by SmallCap, which surged over a percent.
All 19 sectoral indices on the BSE traded in the positive territory with Basic Materials, Finance, Healthcare, Utilities, Auto, Bankex, Capital Goods, Consumer Durables, Metal, Power, Realty rising by up to 1.57 percent.
The BSE Metal rose 1.57 percent, while the Bankex was at 1.21 percent higher.
Broader market and sectoral indices on the NSE too were trading positive, with the Nifty MidCap and SmallCap rising by up to 1.15 percent.
Nifty Bank was up by 0.91 percent, while Auto, Fin Service, Media, Metal, Pharma, PSU Bank, PVT Bank and Realty surged by up to 1.51 percent.
Among index gainers, Vedanta, Yes Bank, Coal India, Dr Reddy's Labs, Lupin, Yes Bank, ICICI Bank, Kotak Bank rose by up to four percent, while Tech Mahindra, Hero MotoCorp, Asian Paints, Grasim, Bharti Infratel, IndusInd Bank, Wipro traded lower by up to 1.73 percent.
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First Published: IST