Recovery in rupee, firm auto stocks lift equity indices (Roundup)

Despite a largely volatile session on Friday, the key Indian equity indices ended on a positive note supported by a recovery in the rupee.

A healthy pick-up in auto, metal and healthcare stocks also supported the gains, said analysts.

The rupee strengthened during the day following an intervention by the Reserve Bank of India (RBI), they said.

Index-wise, the Nifty50 of the National Stock Exchange (NSE) closed at 11,589.10 points, higher 52.20 points or 0.45 per cent from its previous close of 11,536.90 points.

The benchmark S&P BSE Sensex, which had opened at 38,314.55 points, closed at 38,389.82 points, higher 147.01 points or 0.38 per cent from the previous close of 38,242.81 points.

It touched an intra-day high of 38,421.56 points and a low of 38,067.22 points.

Among the global markets, major Asian markets closed on a negative note, barring the Jakarta and Shanghai indices, and the European indices including FTSE 100, DAX and CAC 40 traded in the red, according to Deepak Jasani, Head of Retail Research at HDFC Securities.

On the currency front, the Indian rupee settled at 71.73 against the US dollar, stronger by 26 paise than its previous close of 71.99 per greenback.

The central bank intervened heavily in the foreign exchange market on Friday, aiding the recovery in the domestic currency, Jasani told IANS.

In the broader markets, the S&P BSE Mid-cap rose 1.15 per cent and the S&P BSE Small-cap ended 0.55 per cent higher from its previous close.

The BSE market breadth was bullish with 1,533 advances against 1,202 declines. The total number of stocks traded on the exchange are 2,907 and 172 scrips ended unchanged.

Investment-wise, provisional data with exchanges showed that foreign institutional investors bought scrips worth Rs 37.56 crore and domestic institutional investors bought stocks worth Rs 942.45 crore.

Among the sectors, the S&P BSE Auto index gained the most 501.93 points. It was lifted by strong gains in Hero MotoCorp, Bajaj Auto, Motherson Sumi and Mahindra and Mahindra stocks during the day.

The auto index was followed by the metal index which rose 269.39 points and the healthcare, which ended 143.80 points higher than its previous close.

As for declines, only three indices on the BSE ended in the negative territory with marginal losses. The S&P BSE Banking index slipped 13.28 points, the power index 1.68 points and the finance index ended 1.19 points lower from their respective previous close.

The top gainers at the Sensex were Hero MotoCorp, up 5.27 per cent at Rs 3,327.45; Bajaj Auto, up 5.06 per cent at Rs 2,924; Bharti Airtel, up 5.06 per cent at Rs 2,924; Mahindra and Mahindra, up 4.12 per cent at Rs 973.45; and Tata Steel, up 3.09 per cent at Rs 619 per share.

The majors losers were Yes Bank, down 4.59 per cent at Rs 323.45; Adani Ports, down 1.89 per cent at Rs 377.10; Sun Pharma, up 1.84 per cent at Rs 664.20; Power Grid, down 1.73 per cent at Rs 195.75; and State Bank of India, down 1.62 per cent at Rs 291.85 per share.

--IANS

ravi-rrb/nir