Benchmark indices ended positive for a seventh straight session on Friday led by IT firms, while bonds dipped on market talk of a potential sovereign ratings upgrade by Standard & Poor’s (S&P) later in the day.
Speculation about an S&P rating upgrade on India surfaced late on Thursday. This comes after a surprise upgrade by Moody’s last week.
Foreign investors have net bought $2.33 billion worth of Indian shares in November so far.
The S&P BSE index ended the day at 33,679, up 91 points while the broader Nifty50 index settled at 10,389, up 40 points. Infosys, Bajaj Auto, GAIL and Aurobindo Pharma were the top gainers, while BHEL, SBI, Hindalco and Vedanta were the top losers.
The S&P BSE Midcap and the S&P BSE Smallcap indices hit their respective new high on the BSE on Friday, following an extending rally in infrastructure, auto ancillary, education, textiles and public sector banks.
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The Nifty50 index pared gains to end in negative after hitting record highs earlier in the session, as Yes Bank slumped nearly 10% on concerns over bad loans. The Sensex ended flat but at new closing high for the day.
The NSE Nifty and BSE Sensex were gained more than 1.5% each for the week after the cabinet’s decision to inject $32.4 billion into state-run lenders over the next two years boosted sentiment.
Reliance Industries, oil marketing companies, metals, Bharti Group, select banks and technology stocks saw selling pressure whereas NBFCs, Tata Group stocks, ICICI Bank and ITC supported the market.
State-run oil marketing major, Indian Oil, reported a fall of 18.7% in its net profit for September quarter at Rs 3,696 crore against Rs 4,548 crore during the previous quarter. The revenue came in 13.7% lower at Rs 1.1 lakh crore against Rs 1.28 lakh crore quarter on quarter.
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