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Thursday, June 17, 2021

Indices snap 6-day losing streak as Sensex climbs 835 points, Nifty reclaims 11,000-mark

The S&P BSE Sensex surged 835.06 points (2.28 per cent) to settle above the 37,000-mark at 37,388.66, while the broader Nifty 50 reclaimed the 11,000-mark to end at 11,050.25, up 244.70 points (2.26 per cent).

By: Express Web Desk | New Delhi |
Updated: September 25, 2020 5:07:48 pm
BSE in Dalal Street, Mumbai. (Express photo by Nirmal Harindran)

The benchmark equity indices on the BSE and National Stock Exchange (NSE) snapped out of their six-day losing streak and ended over 2 per cent higher on Friday aided by gains across all sectors amid mixed cues in global markets.

The S&P BSE Sensex surged 835.06 points (2.28 per cent) to settle above the 37,000-mark at 37,388.66, while the broader Nifty 50 reclaimed the 11,000-mark to end at 11,050.25, up 244.70 points (2.26 per cent). Both the indices had opened with over 1 per cent gains earlier in the day and scaled higher as the session progressed.

“Friday’s sharp upside bounce could be a cheering factor for bulls to make a comeback, but the near term downtrend status of the market remains intact. Any upside bounce up to 11,350-11,400 could be a sell on rise opportunity in the market and the expected decline from the highs could retest the lower 10,800 levels in the near term. Immediate support is placed at 10,900,” Nagaraj Shetti, Technical Research Analyst at HDFC Securities said in a statement after market hours.

All stocks on the Sensex ended in the green, with Bajaj Finserv leading the pack with a gain of 6.64 per cent. It was followed by HCL Technologies, Bharti Airtel, IndusInd Bank, Larsen & Toubro and Tata Consultancy Services (TCS).

Among key sectors, the Nifty IT index was the top gainer on the NSE, climbing 3.46 per cent on Friday led by Coforge, HCL Tech, TCS and Infosys. Apart from this, the Nifty Auto index rose 3.38 per cent driven by gains in Ashok Leyland. They key Bank Nifty too inched up 2.57 per cent helped by gains in IDFC First Bank, Bank of Baroda and IndusInd Bank.

In the broader market, the S&P BSE MidCap index rose 403.47 points (2.90 per cent) to settle at 14,336.68, while the S&P BSE SmallCap ended at 14,495.58, up 327.30 points (2.31 per cent).


The rupee strengthened by 28 paise to settle at 73.61 (provisional) against the US dollar on Friday, as gains in domestic equities buoyed investor sentiment.

At the interbank forex market, the domestic unit opened at 73.76 against the US dollar, then gained further ground to finally close at 73.61, registering a rise of 28 paise over its previous close.

On Thursday, the rupee dived 32 paise to touch a near one-month low of 73.89 against the US dollar.

During the session, the local unit witnessed an intra-day high of 73.56 and a low of 73.77 against the US dollar.

Global markets

After the slide it was the see-saw for markets on Friday, as stocks in large parts of the world, the euro and Dr Copper all headed for their worst weeks since peak coronavirus panic, and the dollar cemented its best run since April.

Asia had managed to end its worst week since the global March meltdown with a modest gain and Europe’s main bourses started broadly steady, but with both France and Britain now notching up almost record numbers of new virus cases the mood was jittery.

London’s FTSE clawed up 0.2 per cent but Frankfurt’s Dax and the CAC40 in Paris were down 0.2 per cent and 0.4 per cent leaving the pan-European STOXX 600 index down more than 3 per cent, and travel stocks down over 6 per cent for the first time since June.

On Wall Street overnight, the Dow Jones Industrial Average rose 0.2 per cent, the S&P 500 gained 0.30 per cent and the Nasdaq Composite added 0.37 per cent.

While the economic picture in the US remains clouded, the strongest sales of single-family homes in nearly 14 years in August helped to revive some faith in the recovery.

– rupee input from PTI, global market from Reuters

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