Indices snap 3-day losing streak, Sensex up 411 points; PSBs gain
Snapping three-day losing streak, buying sentiment was back at D-Street with benchmark indices edging a per cent higher on Friday lifted by gains in financial counters.
The S&P BSE Sensex gained 411.38 points, or 1 per cent, to close at 41,575.14 level, with Axis Bank (up 3 per cent), Power Grid (2.2 per cent), SBI (2 per cent), and Bharti Airtel (1.89 per cent) settling as the top gainers on the index. On the flipside, UltraTech Cement (0.22 per cent), and Titan (0.17 per cent) were the top drags.
On the NSE, the Nifty50 ended 124.15 points, or 1.02 per cent highet at 12,250.70-mark.
The Sensex and Nifty50 hit an intra-day high/low of 41,611.27/41,264.92 and 12,258.45/12,157.90, respectively.
On the sectoral front, all the key indices on the NSE settled the day in the positive territory. Nifty PSU Bank index was the best performing index, up 3 per cent, at close, followed by gains in Nifty Realty index (1.6 per cent), and Nifty Bank index (1.3 per cent).
The broader markets, too, followed headlines indices with the S&P BSE mid and small-cap indices gaining 0.86 per cent each.
Balrampur Chini Mills surged 5 per cent to Rs 183 in the intra-day trade, to quote at its highest level since May 2006. The stock had hit an all-time high of Rs 205 on April 2006. In the past one month, it has outperformed the market by zooming 24 per cent, as compared to a per cent rise in the S&P BSE Sensex.
Shares of HG Infra Engineering jumped over 10 per cent to Rs 269 apiece on the BSE on Friday, a day after the company said it has bagged a highway project worth Rs 522 crore in Haryana from the National Highways Authority of India (NHAI). At 10:44 am, the stock was trading over 6 per cent higher at Rs 259. In comparison, the S&P BSE Sensex was trading 267 points or 0.65 per cent higher at Rs 41,431 levels.
Shares of Gujarat Gas Limited (GGL) climbed 4 per cent to Rs 232 on the BSE on Friday after the rating agency Crisil upgraded its rating on the long-term bank facilities of the company to ‘AA+’ with a ‘stable’ outlook from ‘AA’ with a ‘positive’ outlook. In its rating rationale, Crisil said it believes GGL will continue to depict a steady growth in operating performance, backed by healthy volume growth and stable realisation levels.
Shares of Allahabad Bank bounced 10.98 per cent to Rs 19.70 per share on the BSE on Friday after the state-owned bank said the President has sanctioned fresh capital infusion of Rs 2,153 crore, to be released during the current financial year of 2019-20.
Shares of major information technology (IT) companies including Cyient and TCS were trading lower in the early trade on Friday after a report said IT outsourcing contracts of more than $1 billion currently executed by Indian companies are at risk of termination because Boeing has halted the production of its flagship Boeing 737 Max jets with effect from January.
Here are some picks from the week gone by.
