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This article is more than 3 year old.

Nifty reclaims 11,500, Sensex closes above 38,000 ahead of PM Modi’s economic review meet

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The BSE Sensex gained 373 points to end the session at 38,091 and the NSE Nifty50 closed at 11,515, with a gain of 145 points.

Nifty reclaims 11,500, Sensex closes above 38,000 ahead of PM Modi’s economic review meet
Indian equities ended with broad-based gains on Friday, a day ahead of Prime Minister Narendra Modi’s economic review meet. Market sentiment got boosted by a sharp recovery in the Indian rupee against the dollar in early trade and overnight fall in crude oil prices. The possibility of the US-China trade talks aided the sentiment.
The BSE Sensex gained 373 points to end the session at 38,091 and the NSE Nifty50 closed at 11,515, with a gain of 145 points. Broader markets too moved on the similar line as benchmark indices. The Nifty Midcap Index edged higher by 343 points to 19,389, while Nifty Bank advanced 345 points to 27,164.
HDFC twins and ICICI Bank led among gainers. Market breadth ended in favour of advances with NSE advance-decline ratio at 5:2 during close. Amongst the laggards, IT stocks underperformed as the rupee strengthened against the US dollar.
Amongst midcaps, sugar stocks continued their upward move after the Union Cabinet’s nod to increase ethanol prices by up to 25 percent.
Balrampur Chini expects heavy bidding for both C&B heavy molasses with a price increase. Vivek Saraogi of Balrampur Chini says, "ethanol capacity can increase to 18 crore litres by next year.” He also expects revenue to increase to Rs 800 crore after capacity expansion from ethanol.
Oil marketing companies gained as well after Brent crude price slipped from the level of $80/bbl to trade around $78/bbl.
For the week, Nifty slipped 0.7 percent and the Sensex dipped 0.8 percent. The Nifty Bank lost 1.2 percent for the week, while the Nifty Midcap Index shed a percent.
In the futures market, Nifty 11,600 Call option shed 3 lakh shares in the open interest with premium moving 65 percent while Nifty 11,400 Put option added 5.5 lakh shares in the open interest with premium falling 49 percent.
Nifty September Futures closed with a premium of 23 points against a premium of 47 points on Wednesday.
Asia markets were largely positive on the final trading day of the week, as stocks of semiconductor-related companies and Apple suppliers jumped.
The Nikkei 225 closed 1.2 percent higher at 23,095, with the shipping sector surging by 2.3 percent. South Korea's KOSPI also ended the trading week higher by 1.4 percent at 2,318.
In Australia, the ASX 200 climbed 0.6 percent to close at 6,165 with its major banks seeing gains, as AMP stock recovered from its earlier slump to end the trading week higher by 0.3 percent.
In Greater China markets, the Hang Seng index extended its gains to close higher by 1 percent at 27,277.
Over on the mainland, however, markets bucked the overall positive trend. The Shanghai composite slid 0.2 percent to close at 2,682, while the Shenzhen composite ended 0.8 percent lower at 1,403.
The moves in the region came after China reported that its fixed asset investment growth in the first eight months of 2018 had reached a new low, despite industrial output and retail sales above expectations.
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