Markets keep winning streak intact; ITC, RIL lead
Benchmark indices ended higher, amid choppy trades, after weak US data dimmed prospects of an interest rate increase by the Federal Reserve next week.
Besides, India’s trade deficit declined sharply to 38.1% to $7.67 billion in August 2016 from $12.39 billion in August 2015. Exports fell 0.3% to $21.52 billion in August 2016 over August 2015. Imports fell 14.09% to $29.19 billion in August 2016 over August 2015.
The S&P BSE Sensex rose 186 points to end at 28,599 and the Nifty50 gained 37 points at 8,780. In the broader markets, BSE Midcap index slipped 0.3% whereas the BSE Smallcap index inched up by 0.2%.
Among key stocks, Power Grid, ITC, Maruti Suzuki, Reliance Industries and Adani Ports surged between 1.5%-2.5%.
Reliance Industries (RIL) was up 2.2% at Rs 1,089, extending its Thursday’s 2% gain on the BSE. The stock traded close to its 52-week high of Rs 1,090 touched on January 15, 2016 in intra-day trade.
Global taxi aggregator Uber is teaming up with Maruti Suzuki to push up the number of drivers on its platform to over one million. Shares of Maruti Suzuki surged 2%.
Here are some picks from the week gone by.