NEW DELHI: The domestic equity market staged a smart recovery during the fag-end session of the trade, as Sensex and Nifty rose up to 0.75 per cent, on gains in bank, FMCG and auto stocks.Thanks to Fridays gains, both Sensex and Nifty rose for the week, gaining 0.18 per cent and 0.03 per cent, respectively.The market has opened weak today owning to weak global sentiment in the backdrop of a lingering trade war.
However, an uptick in European shares boosted market sentiment back home in the afternoon session.Also, media reports suggesting that oil prices may ease following Opecs decision to raise crude output, came as a relief.Meanwhile, the rupee gained some strength against the US dollar on Friday.
At the time of writing this report, the rupee was up by 19 paise.The BSE Sensex closed the day with a gain of 257 points, or 0.73 per cent, at 35,690, with 23 stocks advancing and 8 declining.The Nifty50 settled 81 points, or 0.75 per cent, up at 10,822, with 35 stocks in the green and 15 in the red.Broader BSE Midcap and smallcap indices trailed Sensex, closing the day 0.46 per cent and 0.07 per cent up, respectively.We believe Nifty would extend this positive bias but recovery in broader market is equally essential.
We expect private banking and financials counters to do well along with select pharma and FMCG majors.
Traders should prefer these sectors for fresh longs while recovery in PSU banks and metal should be used to reduce long positions, if any, said Jayant Manglik, President, Religare BrokingHDFC, HDFC Bank, ITC, ICICI Bank and Mahindra Mahindra emerged as the key contributors to the rise in Sensex.On the other hand, Reliance Industries, Tata Consultancy Services and Coal India featured as the top drags on the Sensex index.Shares of Reliance Industries tanked after multiple block deals on NSE.Among the sectors on BSE, energy fell over 1 per cent on losses in Reliance Industries, Coal India, HPCL and ONGC.Oil gas, realty and IT indices went home with small losses.Global stocks were mixed.
Most European markets were trading in the green, but Asian peers were lacklustre.
Nikkei closed nearly 1 per cent down, while Hang Seng settled with small gains.
Music
Trailers
DailyVideos
India
Pakistan
Afghanistan
Bangladesh
Srilanka
Nepal
Thailand
StockMarket
Business
Technology
Startup
Trending Videos
Coupons
Football
Search
Download App in Playstore
Download App
Best Collections