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Friday, Nov 15, 2019

Sensex, Nifty log longest rising streak since mid-March

RIL’s market valuation zoomed to Rs 9,05,214 crore on the BSE during the day. However, at the close of trade, the company’s market capitalisation (m-cap) settled at Rs 8,97,179.47 crore.

business Updated: Oct 18, 2019 19:34 IST
Press Trust of India
Press Trust of India
Mumbai
The NSE gauge Nifty too rose 75.50 points or 0.65 % to settle at 11,661.85.
The NSE gauge Nifty too rose 75.50 points or 0.65 % to settle at 11,661.85.(PTI Photo)
         

Indian equities rose for the sixth straight session on Friday, the longest gaining streak since mid-March, boosted by unabated foreign fund inflows and positive Brexit developments.

The BSE benchmark Sensex closed 246.32 points or 0.63 % higher at 39,298.38. It hit an intra-day high of 39,361.06 and a low of 38,963.60.

The NSE gauge Nifty too rose 75.50 points or 0.65 % to settle at 11,661.85.

Both benchmark indices also posted their second consecutive weekly rise.

During the week, the Sensex advanced 1,171.30 points or 3.07 %, and the Nifty gained 356.80 points or 3.15 %.

Yes Bank was the top gainer in the Sensex pack, rallying up to 8.44 %, followed by Maruti, PowerGrid, NTPC, L&T and SBI.

On the other hand, Tata Motors, Bajaj Auto, Bharti Airtel, ICICI Bank, Axis Bank and Infosys fell up to 1.05 %.

Shares of Reliance Industries ended 1.37 % higher ahead of its quarterly earnings, scheduled to be announced later in the day.

RIL’s market valuation zoomed to Rs 9,05,214 crore on the BSE during the day. However, at the close of trade, the company’s market capitalisation (m-cap) settled at Rs 8,97,179.47 crore.

Sectorally, among the top gainers were BSE power, capital goods, realty, utilities, metal and energy indices -- rising as much as 2.63 %.

All 19 sectoral indices ended in the green.

In broader market, BSE midcap, smallcap and largecap indices outperformed the Sensex.

“Indian equities outperformed major global markets for the week. Equity markets witnessed a sharp rally on foreign investor buying, progress in US-China trade talks and as well as a deal being reached between UK and EU on Brexit,” said Sanjeev Zarbade, VP PCG Research, Kotak Securities.

Foreign portfolio investors (FIIs) bought equities worth USD 1.2 billion over the past five trading sessions, while domestic institutional investors poured in USD 263 million into stock market.

FIIs purchased Rs 1,158.63 crore shares on Thursday, stock exchange data showed.

Market experts also said that investor sentiment is upbeat after Finance Minister Nirmala Sitharaman hinted at further stimulus in FY20.

Meanwhile, the Indian rupee appreciated marginally to 71.13 against the US dollar intra-day.

Brent crude futures, the global oil benchmark, rose 0.12 % to USD 59.98 per barrel.

Elsewhere in Asia, bourses in Shanghai, Hong Kong and Seoul ended on a negative note after data showed that Chinese economy expanded at its slowest pace in nearly three decades in the third quarter. Exchanges in Tokyo, however, settled in the green.

Equites in Europe were trading on a mixed note in their respective early deals.

Britain and the European Union have struck an outline Brexit deal after prolonged negotiations.

The deal, however, must still be formally approved by the bloc and ratified by the European and UK parliaments.