Indian equity benchmarks on Friday extended their upward run for the second straight session amid positive global cues. Global equities rebounded sharply after a slew of measures to taken support the global banking system eased worries about a crisis in the financial sector. Asian stocks settled with modest gains today. The domestic indices surged today, led by gains in banks, financials, technology and metals. The 30-share BSE Sensex pack jumped 355 points or 0.62 per cent to close at 57,990; while the broader NSE Nifty index moved 114 points or 0.67 per cent higher to settle at 17,100. Mid and smallcap shares finished on a strong note, with the Nifty Midcap 100 up 0.32 per cent and Nifty Smallcap 100 rising 0.69 per cent. Fear index India VIX dived 8.94 per cent to 14.77.
“Volatility fell down after the consolidation of last three sessions and giving a reason for a bounce back in the market,” said Chandan Taparia of Motilal Oswal Securities.
Buying interest in select index heavyweights such as HDFC twins (HDFC Bank and HDFC), ICICI Bank, Infosys and Larsen & Tourbro (L&T) also lifted the indices higher.
Shares of HDFC duo jumped after the National Company Law Tribunal (NCLT) approved their merger proposal.
“The pullback rally has some more steam left and the Nifty index is likely to carry on this positive momentum next week as well,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
10 out of the 15 sectoral indices on NSE settled in the green. Nifty Bank, Nifty Financial Services, Nifty IT and Nifty Metal outperformed the index by rising 1.19 per cent, 1.19 per cent, 1.18 per cent and 2.39 per cent, respectively.
“Global equities reversed their selling streak on reports of a rescue package for the beleaguered First Republic Bank, along with an aid provided to Credit Suisse from the Swiss Central Bank, which would soothe concerns over the global financial stability. On the other hand, the ECB further raised its rates by 50 basis points (bps), indicating its preparedness to provide liquidity to banks upon necessity,” said Vinod Nair, Head of Research at Geojit Financial Services.
A majority of listed Adani stocks settled higher today. Adani Transmission, Adani Green Energy and Adani Enterprises surged up to 5 per cent.
Also, Jubilant Pharmova zoomed 12.54 per cent after securing an additional Loan Facility by Canada for the expansion of Montreal facility. Kalyan Jewellers India settled 9.58 per cent higher; while JK Paper soared 9.94 per cent. HLE Glascoat and Medplus Health Services rose up to 8.41 per cent.
KPIT Technologies, Equitas Small Finance Bank and Rajesh Exports jumped up to 6.72 per cent.
On the flip side, Biocon fell 9.04 per cent today. Jindal Stainless and Swan Energy slipped up to 8.53 per cent. Also, Tube Investments of India, Patanjali Foods and Eris Lifesciences plunged up to 4.54 per cent.
Out of a total of 3,634 stocks that traded during the day, 2,047 settled with gains while 1,454 others ended lower. The rest 133 stocks stayed unchanged.
Also read: KPIT Technologies shares jump 8% to hit 52-week high today; time to buy, sell or hold?
Also read: Rail Vikas Nigam shares zoom 86% in six months; how long for Rs 100 mark?