Equity indices continue to set fresh benchmarks on firm Q1 results (Roundup)

Supported by healthy corporate earnings and firm global cues, the domestic equity market continued its bull run on Friday with the S&P BSE Sensex and the NSE Nifty50 hitting fresh intra-day highs and ending at new closing benchmarks.

Both the Sensex and Nifty50 settled at their respective highest closing levels of 37,336.85 points and 11,278.35 points after touching intra-day records of 37,368.62 points and 11,283.40 points earlier in the day.

According to market observers, healthy corporate earnings coupled with firm global cues strengthened the domestic investor sentiments.

Index-wise, the wider Nifty50 on the National Stock Exchange closed at 11,278.35 points, higher by 111.05 points or 0.99 per cent from its previous close of 11,167.30 points.

The 30-scrip Sensex, which had opened at 37,253.86 points, closed at 37,336.85 points, higher by 352.21 points or 0.95 per cent from the previous close of 36,984.64 points. It touched an intra-day low of 37,134.88 points.

The BSE market breadth was bullish with 1,665 advances against 970 declines.

Vinod Nair, Head of Research at Geojit Financial Services, said: "Growth and earnings outlook is showing signs of pickup which elevated the market to a new high."

On the global front, Nair said the European Central Bank kept the key rates on hold and signs of ease in trade tensions between US and EU added some confidence

"The gains came on the back of positive global cues," said Deepak Jasani, Head of Retail Research at HDFC Securities, adding that major Asian markets closed on a positive note and European indices like FTSE 100, CAC 40 and DAX traded in the green.

On the currency front, the rupee closed at 68.66, appreciating by just one paisa from the previous close of 68.67 per dollar.

Investment-wise, provisional data with exchanges showed that foreign institutional investors bought scrip worth Rs 738.05 crore and the domestic institutional investors purchased stocks worth Rs 406.12 crore.

Sector-wise, the S&P BSE Consumer Durables index gained the most, by 411.23 points, followed by the banking index, which rose by 316.99 points and the oil and gas index, up 246.98 points.

On the contrary, only the S&P BSE IT index ended on a negative note with a marginal decline of 2.90 points from it previous close.

The major gainers on the Sensex were ITC, up 5.24 per cent at Rs 302.20; Tata Motors (DVR), up 4.48 per cent at Rs 149.10; Tata Motors, up 3.56 per cent at Rs 267.70; Tata Steel, up 2.71 per cent at Rs 549.45; and ICICI Bank, up 2.62 per cent at Rs 293.30 per share.

The top losers were Power Grid, down 1.72 per cent at Rs 179.60; Adani Ports, down 1.44 per cent at Rs 394.25; Coal India, down 1.04 per cent at Rs 261.95; Tata Constultancy Services, down 1.03 per cent at Rs 1,943.10; and Maruti Suzuki, down 0.86 at Rs 9,315.45

--IANS

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