Stock Market: Sensex Gains 130 Points, Nifty Trades Above 19,300 On Mixed Cues. Metal Rises 1%


The two key equity benchmarks, Sensex and Nifty, on Friday were trading in the positive zone amid mixed global trends. At 9.36 am, the BSE Sensex gained 137 points to 64,968. On the other hand, the NSE Nifty was trading at 19,310, up 56 points.

On the 30-share Sensex platform, Tata Steel, JSW Steel, M&M, TechM, Tata Motors, TCS were trading in the green. On the downside, NTPC, L&T, Sun Pharma, Axis Bank, Asian Paints, ICICI Bank, HDFC Bank emerged early losers. Among specific stock, shares of Concor rose 1 per cent on the BSE after Sanjay Swarup was appointed chairman and managing director of the company effective October 1.

In the broader markets, Nifty Midcap 100 and Nifty Smallcap 100 indices went up 0.3 per cent.

India VIX, the volatility gauge, has slipped 1 per cent.

Sectorwise, Nifty Media and Nifty Metal indices jumped to 1 per cent, whereas Nifty Financial Services and Nifty Pharma indices were trading in the red.

In the previous session on Thursday, the S&P BSE Sensex closed at 64,831, down 256 points, while the NSE Nifty ended at 19,254, down 94 points.

Deepak Jasani, Head of Retail Research at HDFC Securities, said US stocks finished mostly lower on Thursday to end August on a sour note after the Federal Reserve’s preferred inflation gauge proved largely in line with expectations for July, leaving investors looking ahead to Friday’s August jobs report.

Most of the Asian markets were in the green on Friday while European and US shares had closed in the red on Thursday. Stocks in Asia broadly advanced as China rolled out more stimulus to aid its ailing economy, he added.

Crude futures were marginally higher at $87.02 per barrel.

On Thursday, Foreign Institutional Investors (FIIs) were net sellers of domestic equities as they offloaded shares worth Rs 2,973.10 crore, as per exchange data.

Meanwhile, the rupee appreciated by 9 paise to 82.61 against the US dollar in early trade on Friday, tracking cues from positive domestic equity markets on the back of robust macroeconomic data. However, outflow of foreign funds and crude prices hovering around $87 per barrel weighed on the domestic unit, according to forex traders.

At the interbank foreign exchange, the domestic unit opened strong at 82.58, then touched the lowest level of 82.63 against the greenback. Later, the rupee was trading at 82.61 against the dollar, registering a gain of 9 paise from its previous close. On Thursday, the rupee closed at 82.70 against the dollar.


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