After a flattish trade yesterday on global cues and rupee's fall-out to 70.32 levels, benchmark indices gained ground substantially in Friday's trade. The Sensex in the initial trading session surged by 190 points or 0.5% to 37,853.41 while the NSE Nifty 50 geared with a rise of 52 points or 0.46% at 11, 437.
Later in the mid-morning trade, both the indices continued their winning streak and maintained the initial gains with BSE Sensex surging by over 300 points or 0.80% while NSE Nifty gained over 90 points or was trading higher by 0.81%. The positive stock market momentum was largely driven by gains in nearly all of the sector packs and broadly banks, metal, realty, pharma and FMCG.
Nifty Bank has also shown resilience with a gain of almost 1% and in line all other sectoral indices are also trading in green with no weakness posed. Only Nifty IT is trading well below with gains of less than 0.5% with a positive percentage change of just 0.38%.
On the NSE, shares of Grasim, Vedanta, Lupin, Yes Bank and Tata Steel were the major gainers while the laggard on the Nifty index were GAIL, Bharti Airtel, ONGC, Power Grid and Wipro.
Shares of GAIL fell in today's session due to profit booking by investors after 3 days of continuous surge in its share price.
Also, airtel scrip registered losses by as much as 1.57% to Rs 366.15 after the Supreme Court's bench said it will hear Aircel's plea seeking Rs 450 crore from Airtel after two weeks.
Ion Exchange after bagging order worth Rs. 438 crore from Cairn was locked in upper circuit in today's session.
Also, in the minutes released of the monetray policy committee, concerns on achieving the medium term inflation target were put forth. Also, the minutes on a positive note hinted that the Indian economy is well prepared to face global market rout and trade war situation.
Meanwhile, on steady dollar and news of easing trade tensions between the US and China, Asian stocks were seen ending the week with a positive note. Also, good financial results of Walmart upped the sentiment of the Amercian shares.
Forex and debt markets in India are shut today on account of Parsi New Year.
At 12:34 pm, Sensex was quoting higher by 309.08 points (+0.82%) at 37972.64 while Nifty was up by 90.45 points at 11475.5.