Nifty ends above 10,300, up 2% for week, Sensex gains 216 pts; metals shine
Benchmark indices gained ground on Friday as investors cheer after the exit polls that released their survey results at the end of the final phase of polling in Gujarat on Thursday evening predicted that the Bharatiya Janata Party (BJP) was set to retain Gujarat and wrest Himachal Pradesh from the Congress.
While survey agencies differed in their seat projections, nearly all predicted almost 100 or more seats for the BJP, with the party set to extend its 22-year rule in the state. Survey agencies also said the election, in the last phases, was focused on the leadership of Prime Minister Narendra Modi, and overcame the brewing anti-incumbency against the Vijay Rupani government and dissipated the anger that sections of Gujarati society had felt about specific local issues.
The S&P BSE Sensex ended at 33,462, up 216 points while the broader Nifty50 index settled at 10,333, up 81 points
Broader markets outperformed the benchmark indices with both BSE Midcap and BSE Smallcap indices up over 1%.
Maruti Suzuki India shares touched a fresh all-time high of Rs 9,237, rising 1.3 percent intraday after the global brokerage house raised target price sharply. While maintaining a buy call on the stock, Citi has increased its price target to Rs 10,600 (from Rs 9,400 per share earlier), implying 16% upside from Thursday’s closing price.
Ahmedabad-based multispeciality hospital chain operator Shalby started off first trade at Rs 243.80 on the National Stock Exchange, a 1.7 percent discount to issue price of Rs 248 per share on Friday. Though soon after listing it recovered to hit a day’s high of Rs 254.80 (up 2.74 percent), it continued to hover around issue price.
HDFC Bank shares hit fresh record high of Rs 1,887.45, up 2.7 percent intraday Friday ahead of board meeting to consider fund raising proposal. The country’s second largest private sector lender informed exchanges that a meeting of the board of directors of the bank will be held on December 20 to consider a proposal for raising of funds by issue of equity shares or depository receipts and other securities including through qualified institutions placement or American Depository Receipts program, preferential allotment or such other methods or combinations. The board will also consider a preferential issue to Housing Development Finance Corporation, the promoter of the bank.