The benchmark equity indices registered gains for the third successive day after they settled around 0.5 per cent higher on Friday led by gains in information technology (IT), automobiles and fast-moving consumer goods (FMCG) stocks.
The S&P BSE Sensex rose 177.72 points (0.50 per cent) to end above the 36,000-mark at 36,021.42, while the Nifty 50 settled above the 10,600-mark at 10,607.35, up by 55.65 points (0.53 per cent).
Both the indices had opened over 0.5 per cent higher earlier in the day, they inched higher in the morning trade with Sensex hitting an intraday high of 36,110.21 and the broader Nifty touching 10,631.30 before losing some steam in the afternoon session of trade.
On Thursday, the Sensex had rallied 429.25 points (1.21 per cent) to end at 35,843.70, while the Nifty had settled at 10,551.70, rising 121.65 points (1.17 per cent).
Bharti Airtel was the top gainer on the Sensex on Friday, climbing 4.05 per cent. It was followed by Bajaj Auto, Tata Consultancy Services (TCS), Titan Company, HCL Technologies and Reliance Industries (RIL). On the other hand, IndusInd Bank, Tata Steel, HDFC Bank, Bajaj Finance, Bajaj Finserv and Nestle India were the biggest losers of the day. (see heatmap below)
Among the sectoral indices on NSE, the Nifty IT index was the top performer of the day rising 1.08 per cent higher led by TCS, HCL Tech and Mphasis. The Nifty Auto index too climbed 0.93 per cent on Friday driven by Bharat Forge Eicher Motors and TVS Motor Company. Apart from these, the Nifty FMCG also rose 0.70 per cent led by Godrej Consumer Products and Varun Beverages.
Here’s how the sectoral indices performed:
In the broader market, the S&P BSE MidCap index settled at 13,288.70, up 73.66 points (0.56 per cent), while the S&P BSE SmallCap ended at 12,603.02, up 59.57 points (0.47 per cent).
“Globally the US monthly employment report and domestically the PMI survey, seemed to indicate that the worst of the lockdown economic impact is over. However, any extension or resetting of lockdown measures, due to increasing infections, could negate the gains. Progress of a vaccine trial also added to the optimism. In spite of improving economic data, markets are still largely moving on hope rather than on any real change in the ground realities. With intraday volatility increasing, investors are advised to remain cautious,” Vinod Nair, Head of Research at Geojit Financial Services, said in a statement after the market hours on Friday.
The rupee appreciated 38 paise to settle at 74.66 against the US dollar on Friday tracking weakness in the greenback and gains in the domestic equity market amid optimism over potential COVID-19 vaccine.
Forex traders said investors were bullish on emerging market assets following encouraging vaccine test results. Moreover, positive domestic equities, steady crude oil prices and weak US currency supported the local unit.
The rupee opened at 74.60, and settled for the day at 74.66 against the US dollar, registering a jump of 38 paise over its previous close.
It had settled at 75.04 against the greenback on Thursday.
During the four-hour trading session, the rupee witnessed an intra-day high of 74.60 and a low of 75.02.
World shares inched towards a four-month high on Friday and industrial bellwether metal copper was set for its longest weekly winning streak in nearly three years, as recovering global data kept nagging coronavirus nerves at bay.
The market rally fuelled by record US jobs numbers had largely blown itself amid a spike in US COVID cases, though the fastest expansion in China’s services sector in over a decade and more stimulus ensured optimism remained.
Chinese shares had charged to their highest level in five years, helping the pan-Asian indexes to 4-month peaks, so the sight of European markets stalling early on took some traders by surprise.
– rupee input from PTI, global market input from Reuters
📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines