Sensex up 182.90 points, Nifty reclaims 11,300 as D-Street bounces back

Equity benchmarks started on a good note on Friday after a weak two sessions. The Sensex today at 9:15 hrs at up 182.90 points or 0.49% at 37348.06, while the Nifty is up 60.40 points or 0.54% at 11305.10.

With 451 shares advanced, the market breadth is positive. However, there is a decline of 96 shares and 41 shares remained unchanged.

With gains in pharma, metals, energy and auto names, all sectoral indices are trading in green and the midcaps also had a strong start today. The Nifty Midcap index is up over 0.6 percent.

On Friday, the Indian rupee opened flat at 68.69 per dollar on against 68.70 yesterday. After the Federal Reserve held rates unchanged, the Rupee fell sharply following broad strength in the US dollar against its major crosses. However, FED hinted rate hike in the upcoming months.

Broadly negative global cues along with disappointment over the RBI`s lending rate hike and a weak rupee dragged the key Indian equity indices -- NSE Nifty50 and S&P BSE Sensex -- deep into the red on Thursday.

According to market observers, profit booking and heavy selling pressure was witnessed in the interest sensitive stocks like banking, automobile and capital goods which plunged a day after the RBI hiked its key lending rates by 25 basis points.

Resurgent trade-war like conditions also eroded the global investor sentiment. US President Donald Trump has escalated his trade war with China, ordering his administration to consider more than doubling proposed tariffs on $200 billion worth of Chinese goods to 25 per cent from 10 per cent, as talks between Washington and Beijing remain at a standstill.

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Index-wise, the wider Nifty50 on the National Stock Exchange provisionally closed at 11,244.70 points, lower by 101.50 points or 0.89 per cent from its previous level of 11,346.20 points.

The 30-scrip BSE Sensex, which had opened at 37,529.69 points, closed at 37,165.16 (3.30 p.m.) -- lower by 356.46 points or 0.95 per cent from its previous close of 37,521.62 points.          

In the broader markets, the S&P BSE mid-cap rose by 0.09 per cent and the S&P small-cap ended 0.07 per cent higher from its previous close. The BSE market breadth was largely even with 1,328 advances against 1,341 declines.

Major Asian markets closed on a sharply negative note and European indices like FTSE 100, DAX and CAC 40 are trading deep in the red, Jasani told IANS.
 
The major gainers on the Sensex were Power Grid, up 2.25 per cent at Rs 188.20; Coal India, up 1.07 per cent at Rs 273.20; Hindustan Unilever, up 0.92 per cent at Rs 1,749; IndusInd Bank, up 0.91 per cent at Rs 2,021.55; Wipro, up 0.76 per cent from Rs 279.05 per share.

 The major losers were Bharti Airtel, down 2.79 per cent at Rs 372.95; Kotak Mahindra Bank, down 2.54 per cent at Rs 1,281; Maruti Suzuki, up 1.97 per cent at Rs 9,156.70; Reliance Industries, down 1.91 per cent at Rs 1,168.35; and HDFC, down 1.90 per cent at Rs 1,932.65 per share.