Indian benchmark equity indices Sensex and Nifty 50 rebounded from early losses to close higher on Friday, supported by gains in banking and metal stocks, and tracking positive momentum from Asian markets.
The 30-share BSE Sensex rose 218 points, or 0.27%, to settle at 81,224, while the broader NSE Nifty climbed 104 points, or 0.42%, to close at 24,854.
During the session, the Sensex hit a low of 80,409 before bouncing back by 815 points to close at 81,224.
From the Sensex pack, Axis Bank, ICICI Bank, Tata Motors, Tata Steel, NTPC, and JSW Steel were the top gainers, rising up to 5.6%. On the other hand, Infosys, Asian Paints, Nestle India, HUL, HCL Tech, and Tech Mahindra ended lower.
Axis Bank closed about 5.6% higher after its quarterly profit topped expectations. That led to a 1.5% advance in financial services, which have the heaviest weightage among the 13 major sectors.
On the flip side, Infosys ended 4.6% lower after its full-year revenue growth forecast fell short of analysts' expectations. This signalled that a broad-based recovery in global tech spending had not yet materialised, leading to a 1.5% decline in the Nifty IT index.
Among individual stocks, Manappuram Finance closed 13.5% lower after the RBI barred one of its units from issuing fresh loans, citing a breach of norms.
Shriram Finance shares also closed 3.2% higher after the company said its board will meet on October 25 to consider a split of existing equity shares.
Meanwhile, the market capitalisation of all listed companies on the BSE surged by Rs 96,045 crore to Rs 458.21 lakh crore. The market breadth was skewed in favour of the bears. About 1,926 stocks gained, 2,010 declined, and 107 remained unchanged on the BSE.
Expert Take
"After the morning sell-off, the market bounced from the oversold level driven by selective buying in financials, auto and metals stocks. The initial set of results from private banks were positive, building an expectation that the upcoming set of financial results in the weekends will also be optimistic. The metals also performed well, benefiting from a slightly better-than-expected growth in China’s Q3 GDP. Consecutive rate cuts by the ECB supported rate sensitive stocks," said Vinod Nair, Head of Research, Geojit Financial Services.
Rupak De, Senior Technical Analyst at LKP Securities, said, "The Nifty has moved up sharply after forming a panic bottom around 24,570, failing to sustain below 24,700. On the hourly chart, a positive divergence is visible on the RSI (14), indicating a shift toward positive price momentum. Immediate resistance is seen at 24,900, which previously acted as support. A decisive move above 24,900 could induce a short-term rally. The trend is likely to remain strong as long as the Nifty stays above 24,750."
Global Markets
Global shares edged higher on Friday, spurred by a rally in Chinese stocks on the latest policy steps to boost demand. Robust US economic data this week continued to bolster investor sentiment.
MSCI's index of global stocks edged up a quarter of a per cent, with tentative early gains for European stocks.
Mainland Chinese blue chips had closed up 3.6%, their biggest daily gain in eight sessions after the country's central bank launched two schemes aimed at boosting stocks. Weak data on China's economy helped keep sentiment in check.
Rupee Slips to Record Low
The Indian rupee hit its all-time low on Friday pressured by equity outflows but managed to avert a sharp fall on account of sustained dollar sales from state-run banks, most likely on behalf of the Reserve Bank of India.
The rupee closed at 84.0650 against the US dollar, barely changed from its close of 84.0675 in the previous session. It hit a record low of 84.0775 earlier in the session, inching past its previous all-time low of 84.0750 hit on Monday.
Crude Oil
Oil futures steadied on Friday after data showed a fall in crude and fuel inventories in the US and the emergence of more fiscal stimulus to boost China's economy, though prices were headed for their biggest weekly loss in more than a month.
Brent crude futures gained 23 cents, or 0.3%, to $74.68 a barrel, while U.S. West Texas Intermediate crude was at $70.96 a barrel, up 29 cents, or 0.4%.
(With inputs from agencies)
The 30-share BSE Sensex rose 218 points, or 0.27%, to settle at 81,224, while the broader NSE Nifty climbed 104 points, or 0.42%, to close at 24,854.
During the session, the Sensex hit a low of 80,409 before bouncing back by 815 points to close at 81,224.
From the Sensex pack, Axis Bank, ICICI Bank, Tata Motors, Tata Steel, NTPC, and JSW Steel were the top gainers, rising up to 5.6%. On the other hand, Infosys, Asian Paints, Nestle India, HUL, HCL Tech, and Tech Mahindra ended lower.
Axis Bank closed about 5.6% higher after its quarterly profit topped expectations. That led to a 1.5% advance in financial services, which have the heaviest weightage among the 13 major sectors.
On the flip side, Infosys ended 4.6% lower after its full-year revenue growth forecast fell short of analysts' expectations. This signalled that a broad-based recovery in global tech spending had not yet materialised, leading to a 1.5% decline in the Nifty IT index.
Among individual stocks, Manappuram Finance closed 13.5% lower after the RBI barred one of its units from issuing fresh loans, citing a breach of norms.
Shriram Finance shares also closed 3.2% higher after the company said its board will meet on October 25 to consider a split of existing equity shares.
Meanwhile, the market capitalisation of all listed companies on the BSE surged by Rs 96,045 crore to Rs 458.21 lakh crore. The market breadth was skewed in favour of the bears. About 1,926 stocks gained, 2,010 declined, and 107 remained unchanged on the BSE.
Expert Take
"After the morning sell-off, the market bounced from the oversold level driven by selective buying in financials, auto and metals stocks. The initial set of results from private banks were positive, building an expectation that the upcoming set of financial results in the weekends will also be optimistic. The metals also performed well, benefiting from a slightly better-than-expected growth in China’s Q3 GDP. Consecutive rate cuts by the ECB supported rate sensitive stocks," said Vinod Nair, Head of Research, Geojit Financial Services.
Rupak De, Senior Technical Analyst at LKP Securities, said, "The Nifty has moved up sharply after forming a panic bottom around 24,570, failing to sustain below 24,700. On the hourly chart, a positive divergence is visible on the RSI (14), indicating a shift toward positive price momentum. Immediate resistance is seen at 24,900, which previously acted as support. A decisive move above 24,900 could induce a short-term rally. The trend is likely to remain strong as long as the Nifty stays above 24,750."
Global Markets
Global shares edged higher on Friday, spurred by a rally in Chinese stocks on the latest policy steps to boost demand. Robust US economic data this week continued to bolster investor sentiment.
MSCI's index of global stocks edged up a quarter of a per cent, with tentative early gains for European stocks.
Mainland Chinese blue chips had closed up 3.6%, their biggest daily gain in eight sessions after the country's central bank launched two schemes aimed at boosting stocks. Weak data on China's economy helped keep sentiment in check.
Rupee Slips to Record Low
The Indian rupee hit its all-time low on Friday pressured by equity outflows but managed to avert a sharp fall on account of sustained dollar sales from state-run banks, most likely on behalf of the Reserve Bank of India.
The rupee closed at 84.0650 against the US dollar, barely changed from its close of 84.0675 in the previous session. It hit a record low of 84.0775 earlier in the session, inching past its previous all-time low of 84.0750 hit on Monday.
Crude Oil
Oil futures steadied on Friday after data showed a fall in crude and fuel inventories in the US and the emergence of more fiscal stimulus to boost China's economy, though prices were headed for their biggest weekly loss in more than a month.
Brent crude futures gained 23 cents, or 0.3%, to $74.68 a barrel, while U.S. West Texas Intermediate crude was at $70.96 a barrel, up 29 cents, or 0.4%.
(With inputs from agencies)
You may also like
Nayab Saini Took Chair as Haryana's Chief Minister, Pledges Dedicated Service
Delhi excise scam: SC asks CBI to file its reply to businessman Amandeep Dhall's bail plea
Ice Cream's Disappeared, Only Cone's Left': Ravi Shastri Pokes Fun At 'Big Unit' Spectator At Chinnaswamy Stadium; Watch Funny Video
Liam Payne Tribute Special editions
Indonesia readies for presidential inauguration
