Markets remain firm as index heavyweights gain

Benchmark indices continue to remain firm as heavyweights like ITC, ICICI Bank, Reliance Industries, and Infosys make significant gains

Benchmark indices continued to remain firm on Friday morning as index heavyweights like ITC, ICICI Bank, Reliance Industries, and Infosys increased between 0.6-1.8% each.

At 11:20 hours, the 30-share Sensex was up 172 points at 20,709, while the Nifty-50 had incrased by 52 points at 6,143.

Broader markets marginally underpeformed the benchmark, with the BSE Mid-cap and Small-cap increasing by 0.64% and 0.68% respectively, compared to Sensex's rise of 0.83%.

At 62.15, the rupee slightly appreciated by 0.08  points compared to Tuesday's close of 62.23 versus the dollar due to increased dollar selling by exporters. A higher opening of the domestic market also helped rupee, but the US currency's strength against other currencies overseas have capped the gains to some extent.

Breadth of the market was positive, with 1366 advances, 725 declines, and 128 scrips remaining unchanged.

Asian markets

After a disappointing run on Thursday amidst weak preliminary Chinese PMI data, all major Asian markets firmed up on Friday on the back of a good performance at Wall Street overnight.

Japan's Nikkei-225 was leading the list of winners as it recouped most of its yesterday's losses and made significant gains of more than 2% to 14,867. Singapore's Strait Times and Hong Kong's Hang Seng also made modest gains of 0.56% and 58% each.

MSCI's broadest index of Asia-Pacific shares outside Japan advanced 0.6%.

 

Sectors and Stocks

All sectoral indices were positive compared to yesterday's close, with the S&P BSE Bankex and FMCG indices leading the list of gainers.

Bankex increased by 151 points, or 1.27%, to 11,912. All scrips in the Bankex were trading in the green. Axis Bank was the biggest gainer at 2%. Bank of Baroda, HDFC Bank, ICICI Bank, PNB, State Bank of India, and Yes Bank also increased by 0.7-1.8% each.

More than two-third of the stocks on Sensex were trading higher than yesterday. FMCG major ITC made notable gains of 1.4%, while GAIL, Tata Motors, Tata Steel, and L&T also increased between 0.8-1.3% each.

Amongst other shares, Tara Jewels is locked in upper circuit for third day in a row, up 5% at Rs 102 after IDFC Mutual Fund acquired 4% stake in the company through open market on Tuesday.

Godrej Consumer maintained its upward trend to rise by 2.7%, after promoter Godrej Industries had bought shares worth Rs. 86 crore in the company yesterday.

Rhodia Specialty has extended yesterday's upper circuit gains of and surged more than 3% to Rs 820 after Solvay SA, one of the promoter of the company, increased the delisting offer price to Rs 675 per share on Thursday. Earlier in the day, it had hit a record high of Rs. 849.

Sandur Manganese and Iron Ores have moved higher by over 5% at Rs 540 after the company said it has resumed its mining operations in Karnataka from today.