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Indices gain for 6th day as financials zoom; Sensex ends 354 pts higher

All that happened in the markets today

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Markets | GMR Infrastructure | Hindustan Aeronautics

SI Reporter  | New Delhi 

EVENT HIGHLIGHTS

Representative image
NSE's Nifty ended at 11,648, up 88 points or 0.76 per cent.
The bulls continued to dominate on Friday, thanks to a healthy buying in financial counters. The S&P BSE Sensex gained for the sixth consecutive session to settle at 39,467 levels, up 354 points, or 0.9 per cent. 

NSE's Nifty ended at 11,648, up 88 points or 0.76 per cent. Volatility index, India VIX, continued to decline and ended at 18.24 levels, down nearly 3.5 per cent. 

Among individual stocks, IndusInd Bank (up over 8 per cent) ended as the top gainer on the Sensex, followed by Axis Bank, ICICI Bank, and Sun Pharma.  On the other hand, Power Grid (down over 1 per cent) ended as the biggest loser on the index. 

On a weekly basis, Sensex gained 2.6 per cent while Nifty added 2.4 per cent. 

In the broader market, the S&P BSE MidCap index gained 0.55 per cent to 15,238 levels while the S&P BSE SmallCap index ended at 14,990.55, down 0.23 per cent. 

Among sectoral indices on the NSE, Nifty Bank rallied nearly 1,000 points or over 4 per cent to settle at 24,588.95 levels. All the 12 constituents on the index ended in the green. READ MORE

Buzzing stocks

Shares of NMDC ended around 12 per cent higher at Rs 107.50 apiece on the BSE, a day after the company reported its financial results for the quarter ended June 2020 (Q1FY21). READ MORE

Telecom stocks advanced at the bourses. The telecom companies are awaiting the Supreme Court's judgement in the adjusted gross revenue (AGR) case. After several rounds of hearings, the apex court had, on Monday, reserved its judgment in the case. On the last day of hearing, the court had observed that if telecom companies are unwilling to pay their dues, it would direct the Union government to cancel their spectrum allocation and licence. READ MORE

Global markets

Global shares struggled for direction on Friday as investors worried about a lack of detail in the US Federal Reserve’s policy shift while Japanese were roiled as Prime Minister Shinzo Abe resigned for health reasons.

The Fed’s widely-awaited shift in its policy framework saw the central bank place more emphasis on boosting economic growth and less on worries about letting inflation run too high. The policy aims for 2 per cent inflation on average so that too low a pace would be followed by an effort to lift inflation “moderately above 2 per cent for some time.”

Asian shares outside of Japan limped higher, with the MSCI’s broadest index of Asia-Pacific shares outside Japan gaining 0.19 per cent.

Oil prices fell as storm Laura raced inland past the heart of the US oil industry in Louisiana and Texas without causing any widespread damage to refineries.

(With inputs from Reuters)

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