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Sensex gains 307 pts as financials, metals rally; Nifty PSU Bank jumps 7%

All that happened in the markets today

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Markets | Reliance Industries Ltd | Bharti Airtel

SI Reporter  | New Delhi 

EVENT HIGHLIGHTS

Investors react as they watch the stock prices on a digital screen, at BSE building in Mumbai, Friday, Sept. 20, 2019. Sensex surges 1,921.15 pts to end at 38,014.62; Nifty zooms past 11,200 after Finance Minister Nirmala Sitharaman announced a slew
NSE's Nifty ended at 10,142.15, up 113 points or 1.13 per cent.
After a one day blip, equity market once again edged higher on Friday, led by buying in financial, metal and auto stocks. PSU bank stocks advanced the most in trade after state-owned lender, State Bank of India, posted a net profit of Rs 3,581 crore for the March quarter of FY20 (Q4FY20). The profit grew 326.93 per cent from Rs 838 crore clocked in the year-ago quarter (Q4FY19). Sequentially, the profit declined by 35.85 per cent. READ MORE

The S&P BSE Sensex gained 307 points or 0.9 per cent to settle at 34,287.24 while NSE's Nifty ended at 10,142.15, up 113 points or 1.13 per cent. Volatility index, India VIX, slipped dropped nearly 4 per cent to 28.51 levels. 

On a weekly basis, Sensex rallied 5.7 per cent and Nifty added 5.86 per cent. 

On the sectoral front, the Nifty PSU Bank index gained around 7 per cent to 1,386.75 levels with all the 13 constituents advancing. Nifty Metal index rallied nearly 4 per cent to 2,049.70 levels. On the other hand, Nifty FMCG was the only index that ended in the red. The index settled 0.27 per cent lower at 29,542 levels. 

In the broader market, both the mid and smallcap indices outperformed the benchmarks. The S&P BSE MidCap index climbed 1.8 per cent to 12,554.16 while the S&P BSE SmallCap index surged 2.51 per cent to 11,855 levels. 

Global markets

World stocks held their ground near three-month highs as the euro hit its highest level since March 10, thanks to Europe’s stimulus boost, fuelling hopes for a global rebound. 

MSCI’s broadest index of Asia-Pacific shares outside of Japan rose 0.7 per cent, reversing early losses to stay near a 12-week top. The index is up about 7.4 per cent this week, on track for its best weekly showing since December 2011.

E-mini futures for the S&P 500 rose 1 per cent.

In Europe, shares resumed their rally as a bumper stimulus from the European Central Bank fuelled hopes of a faster economic recovery. The ECB on Thursday expanded its money-printing scheme to cushion a potential fall in output of up to 12 per cent this year, even as governments spend record amounts to preserve jobs while restrictions keep businesses shuttered.

In commodities, oil prices moved higher as traders await cues from OPEC+ meeting that could take place as soon as this weekend where major oil producers will discuss whether to extend record production cuts.

(With inputs from Reuters)

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