Benchmark indices gain over 1% each

Buying visible across all sectors

Markets continue to tread higher on broad based buying and rupee rallying to five month highs. At 10:35am, the Sensex was up 265 points at 18,844 and the Nifty shot up 77 points at 5,727.

The broader markets too rallied and was in line with the BSE benchmark index, gaining over 1% each.

Except, Sun Pharma which was down 0.3%, all the Sensex-30 stocks were in the green.
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(Updated at 9:18 hrs)

Markets had a firm opening tracking firm global cues. The Sensex started up 164 points at 18,743 and the Nifty gained 47 points at 5,697.

In the broader markets, the smallcap and the midcap indices gained 0.8% each underperforming the Sensex which opened up by nearly 1% higher.

 

The rupee rose to a near five-month high on Friday after the government stuck to its fiscal second half borrowing and said it will not borrow more via bonds in the current year.The rupee rose to a high of 52.55, a level not seen since May 1. It was trading at 52.70/71 in recent trades versus 53.01/02 last close.

Overnight, the S&P 500 snapped a five-day string of declines in a broad-based rally on Thursday, as Spain’s plans for economic reform eased some worries about one of the euro zone’s most troubled countries.

The benchmark S&P 500 rose 1 percent, its biggest percentage gain since the Federal Reserve announced its plan for a third round of stimulus on September 13.

Asian shares rose on Friday on hope economic reform and budget plans unveiled by Spain will help the debt-saddled nation manage its debt imbalances, in a move seen as an effort to pre-empt the likely conditions of international assistance.

The MSCI index of Asia-Pacific shares outside Japan was up 0.2 percent, after jumping on Thursday on a spike in Chinese shares as speculation for stimulus spread. Japan’s Nikkei stock average opened up 0.4 percent after touching a two-week low the day before.

All the sectoral indices on the BSE started in the green. Consumer Durables, Auto, Power, Metal and realty gained over 1% each followed by Oil & Gas, Capital goods and IT indices up 0.8-0.9%.

Among the Sensex stocks, Tata Power, Tata Motors, Hindalco, Jindal Steel, Bharti Airtel, Wipro, Tata Steel, Maruti Suzuki and Sterlite started up 1.5-3%. Index heavyweight, Reliance Industries was up 1.2%

Coal India and Gail India down 0.2% were the only losers among the Sensex-30.

Among other stocks, JBF Industries rallied 5% to Rs 148 after the company said it has entered into a partnership with the Coca Cola Company to set up production facility for Bio-Glycol (MEG) in Brazil.

The market breadth was very strong. 1029 stocks advanced while 269 stocks declined on the BSE.