Sensex up over 100 points; Nifty hits 8,400

Private lenders and pharma shares were among the top Sensex gainers

Benchmark share indices were trading higher on Friday with pharma exporters rising amid a weakening rupee while financials gained on rate cut hopes by the central after easing consumer price inflation.

At 9:40AM, the 30-share Sensex was up 137 points at 27,686 and the 50-share Nifty was up 43 points at 8,400.

In the broader market, the BSE Mid-cap index was up 0.8% and the Small-cap index was up 0.6%.

Market breadth was strong with 980 gainers and 605 losers on the BSE.


"The trend deciding level for the day is 27,612 / 8,375 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 27,728 – 27,907 / 8,410 – 8,465 levels. However, if NIFTY trades below

27,612 / 8,375 levels for the first half-an-hour of trade then it may correct towards 27,434 – 27,317 / 8,321 – 8,285 levels," Angel Broking said in a note.

Meanwhile, the rupee fell 25 paise further against the US dollar and was trading at 64.24.

Foreign institutional investors were net sellers to the tune of Rs 626 crore on Thursday, as per provisional stock exchange data.

Further, the government will announce inflation based on wholesale price index for July later today.

SECTORS & STOCKS

BSE Realty index was the top gainer up 1.9% followed by Healthcare, IT and Auto indices. Metal index was marginally down.

In the banking pack, HDFC Bank, HDFC, ICICI Bank and SBI were up 0.5-1% each.

Among pharma majors, Sun Pharma, Lupin and Cipla were up 1-1.9% each.

Technology shares extended gains with Infosys, TCS and Wipro up 0.6-0.9% each.

However, Axis Bank was the top Sensex loser down 1.6%.

Among other shares, Jindal Steel & Power was down 2% after the company was removed from the MSCI India Index while Glenmark Pharmaceuticals surged over 7% and Indiabulls Housing Finance gained 3% after they were included in the MSCI India Index.

GLOBAL MARKETS

Asian shares are trading mixed on Friday as crude oil futures remained under pressure, crashing to 6-1/2-year lows after data indicated a big increase in US stockpiles arising fears of a growing global glut. The Nikkei was down 0.5% while Shanghai Composite edged 0.8% higher and Hang Seng was trading with marginal gains.

US stocks closed mostly lower Thursday as favourable retail sales and jobless claims suggested the US economy is in a good shape and hence indicates a rate hike by the Fed this year. The Dow Jones ended flat with positive bias while S&P 500 and Nasdaq ended with marginal losses.