Sensex rallies 281 points, Nifty ends at 11,076; BPCL gains 6%
Benchmark indices surged in the last hour of Friday’s trading session after trading in a range-bound manner for a major part of the day.
The S&P BSE Sensex added 239 points or 0.8 per cent to 37,380 levels. Hero MotoCorp, ICICI Bank, Kotak Mahindra Bank, Maruti Suzuki India, and HCL Tech were the top gainers in the Sensex pack. The broader Nifty50 hovered around 11,080 levels, up 100 points, or 0.9 per cent.
The Nifty sectoral indices, except three, were trading in the green. While Nifty Realty index rose the highest 1.6 per cent, Nifty Auto index also gained 0.9 per cent. On the other hand, Nifty Pharma index was the top loser, down 0.9 per cent.
In the broader market, the S&P BSE MidCap index was trading flat at 13,610 levels. Meanwhile, the S&P BSE SmallCap index surged 64 points, or 0.5 per cent, to 12,970 levels.
Shares of banks and non-banking financial companies (NBFCs) dropped up to 5 per cent in the morning deals on Friday, a day after Altico Capital India, a lender to real estate companies, said it has defaulted on interest payments to Mashreq Bank of Dubai. An interest payment of Rs 19.97 crore was due on September 12, according to a regulatory filing with the BSE. This payment is now in default. The principal amount for the external commercial borrowing on which Altico Capital has defaulted stands at Rs 340 crore, the filing said.
Shares of Khadim India Limited surged 18 per cent to Rs 276.10 apiece on the BSE on Friday, thus extending its rally for third straight day after the company announced, on Tuesday, the opening up of a subsidiary in Bangladesh. The stock has rallied 50 per cent in three days. At 10:48 AM, shares of the company were trading 18.4 per cent higher at Rs 277.05 as compared to a flat benchmark S&P BSE Sensex.
Gravita India shares zoomed 5 per cent to Rs 47.50 on the BSE on Friday after the company announced its Ghana subsidiary had enhanced the production capacity. At 10:11 AM, the stock was trading 2.43 per cent higher at Rs 46.30 as compared to a 0.2 per cent dip in the benchmark S&P BSE Sensex. A total of 51,000 shares had changed hands on the BSE and National Stock Exchange (NSE) by the time this report was filed.
Shares of SRF gained 2 percent intraday after IDFC Securities has initiated coverage on the stock with an outperform call and target price at Rs 3,347 per share, implying 23.5 percent potential upside from current levels.
Dewan Housing Finance Corporation (DHFL) cracked 5 percent on BSE to Rs 49.40 on September 13 after it reported a fresh default towards the payment of principal and interest on non-convertible debentures (NCDs). The company, in a BSE filing on September 12, reported default of Rs 196.65 crore towards Rs 350-crore worth of NCDs issued by it. The lenders of the debt-ridden company are working on a resolution plan but media reports indicated that the banks might miss the September 25 deadline, as they need more time to approve it.
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