Sensex bounces as IT, PSU bank stocks lift Dalal Street; Adani Ports rises 2%


Domestic equity benchmarks started Friday’s session on a positive note amid buying interest seen in heavyweights such as Infosys, Tata Consultancy Services (TCS) and HDFC. Select financial services shares were also in high demand.

The S&P BSE Sensex index rose as much as 263.08 points to touch 52,586.41 in the first few minutes of trade, and the broader NSE Nifty50 benchmark climbed to as high as 15,761.50, up 70.1 points from its previous close.

Among blue-chip stocks, Adani Ports was the top gainer, up 2.33 per cent in early deals. IndusInd Bank, Bajaj Finserv, TCS, Infosys, Dr Reddy’s, Eicher Motors and HCL Tech, up between 0.79 per cent and 1.48 per cent, were among other top performers.

On the other hand, ONGC was the worst hit among 14 laggards in the Nifty50 universe, down 1.84 per cent. Hindalco, JSW Steel, Tata Steel, Tata Motors, Asian Paints, Britannia and Bajaj Auto — down between 0.31 per cent and 1.29 per cent — were among other losers.

Equities in other Asian markets rose helped by a rally in US high-tech shares overnight, with investors’ focus shifting to the Bank of Japan’s policy decision later in the day. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.25 per cent. Japan’s Nikkei rose 0.34 per cent, South Korea’s Kospi 0.07 per cent, Australia’s ASX 200 0.51 per cent, China’s Shanghai Composite 0.04 per cent and Hong Kong’s Hang Seng 1.08 per cent.

Overnight on Wall Street, benchmark indices closed on a mixed note. Conviction in the strength of the economic recovery pushed investors into US technology stocks on Thursday, driving the Nasdaq Composite higher, although a post-Fed hangover left a subdued S&P500 nursing a very minor loss. The Dow Jones industrial average declined 0.62 per cent and the S&P 500 slid 0.04 per cent. The technology stocks-heavy Nasdaq Composite gauge rose 0.87 per cent.

See also  Retire a crorepati! Simple ways to ensure financial independence

Analysts awaited more Q4 earnings from India Inc for cues.

Gujarat Fluorochemicals, Dhani Services, Timken India, The Fertilizers and Chemicals Travancore, Hinduja Global Solutions, RattanIndia Enterprises, Ashoka Buildcon and Eveready Industries India are among the companies slated to report their quarterly numbers on Friday.

THIS IS A DEVELOPING STORY. MORE TO COME…



READ SOURCE

LEAVE A REPLY

Please enter your comment!
Please enter your name here