Investors’ wealth of BSE-listed firms, measured by market capitalisation (m-cap), rose by Rs 55,448 crore on Friday to Rs 150.22 lakh crore compared to Rs 149.66 lakh crore recorded in the previous session, the BSE data shows.
What a day for Indian markets! Beating Karnataka election uncertainty, the S&P BSE Sensex climbed nearly 300 points to close at over a 3-month high on Friday while the Nifty50 closed above 10,800 for the first time since February.
Investors’ wealth of BSE-listed firms, measured by market capitalisation (m-cap), rose by Rs 55,448 crore on Friday to Rs 150.22 lakh crore compared to Rs 149.66 lakh crore recorded in the previous session, the BSE data shows.
"Markets continue to rally on the back of positive global cues reaching closing at the 10800 levels with gains of close to one percent for the session. FIIs and DIIs numbers continue to remain tepid, all focus is on the impending Karnataka election, a win for the BJP might take the indices higher in the interim," Nikhil Kamath, Co-Founder, Zerodha told Moneycontrol.
Heavyweight stocks lead market higher supported by gains in financials and energy shares which helped market close with major gains.
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HDFC Twins, Asian Paints, Reliance Industries and L&T were the major index gainers. Only 2 Nifty Bank stocks closed in the red.
Pharma stocks under pressure in trade ahead of Trump’s speech. Sun Pharma slipped 5.05 percent, Novartis slipped 4.6 percent, and Ajanta Pharma down 3.8 percent.
The market breadth remains in favour of declines as the advance-decline ratio stood at 2:3.
There was plenty of action in the broader market. As many as 16 stocks on the NSE and about 80 stocks on the BSE rose to their fresh 52-weeks high which include names like Nestle India, HDFC Bank, HUL, Asian Paints, Divi’s Laboratories, Mphasis, Cyient, and Ujjivan Financial Services etc. among others.
On the sectoral front, the S&P BSE Metal index rose 1.5 percent, followed by the S&P BSE banking index which gained 1.1 percent, and the S&P BSE oil & gas index was up 1.07 percent.
On the losing side, the S&P BSE Telecom index dropped 4.2 percent, followed by the S&P BSE Consumer Durable index which plunged 1.1 percent, and the S&P BSE Healthcare index dropped 0.78 percent.
The S&P BSE Sensex top gainers include companies like Asian Paints (up 6.1 percent), followed by Tata Steel (up 2.1 percent), L&T (up 1.69 percent), and Yes Bank (up 1.5 percent).
Top Sensex losers include names like Bharti Airtel (down 6.4 percent), followed by Sun Pharma (down 5.05 percent), Tata Motors (down 0.78 percent), and Hero MotoCorp (down 0.74 percent).
Stocks in news:
Asian Paints rose closed 6.1 percent higher after global brokerages said they remain positive on the stock, despite the muted set of March quarter numbers posted by the company. It reported a 3.39 percent year-on-year increase in its consolidated net profit to Rs 495.91 crore for the quarter ended March.
Nestle India rose to a fresh 52-week high after Noodles-to-chocolates maker's net profit rose 38 percent to Rs 424 crore in the first quarter of calendar 208. The stock closed 5.7 percent higher at Rs 9498.
The initial public offer of Indostar Capital Finance was subscribed 1.42 times till afternoon trade on the third day of bidding today.
Shares of PC Jeweller which gained more than 18 percent in the opening trade on Friday as the company board approved the proposal of share buyback. The stock closed 3.7 percent lower at Rs 201.15.
Shares price of Idea Cellular (down 11.8 percent), Bharti Airtel (down 6.4 percent) and Reliance Communications (down 1.8 percent) slipped on Friday, after Reliance Jio launched its first-ever postpaid plan.
In a press release, the Reliance Industries-owned telecom provider said that the ‘Zero-Touch’ feature will be available for subscription from May 15.
Fortis Healthcare Ltd shares fell 2.6 percent. The board of Fortis Healthcare Ltd late on Thursday approved a binding offer from Sunil Munjal’s Hero Enterprise and Dabur chairman Anand Burman’s family office.
Global Cues:
Among global markets, Asian stocks ended higher, possibly on the back of good sentiment from Wall Street. Softening oil prices too aided sentiment among Asian indices. The Nikkei 225 closed up 1.16 percent, or 261.30 points, at 22,758.48.
European markets were lower in the morning trade, with no major news points lined up for the day. The Stoxx 600 was 0.05 percent lower.