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MARKET WRAP: Sensex surges 835 pts, Nifty reclaims 11K; Nifty IT up over 3%

All that happened in the markets today

Markets | HCL tech stock | Infosys

SI Reporter  | New Delhi 


The Indian stock market ended over 2 per cent higher on Friday due to across-the-board buying. 

The S&P BSE Sensex ended 835 points, or 2.28 per cent higher at 37,389 levels with all the 30 constituents ending in the green. Bajaj Finserv (up 6.6 per cent) was the top gainer on the index, followed by (up over 5 per cent), and Bharti Airtel (up 5 per cent). 

NSE's Nifty, meanwhile, reclaimed the crucial 11,000 level to settle at 11,050, up 245 points, or 2.26 per cent. India VIX dropped nearly 12 per cent to 20.76 levels. 

On a weekly basis, both Sensex and Nifty declined nearly 4 per cent. 

All the Nifty sectoral indices ended in the green, led by Nifty IT and FMCG indexes, both up nearly 3.5 per cent, each.

In the broader market, the S&P BSE MidCap index gained around 3 per cent to 14,337 levels while the S&P BSE SmallCap index added 2.31 per cent to 14,496 levels. 

Buzzing stocks 

IT stocks rallied in the trade post Accenture's Q4FY20 earnings. While the company missed estimates for fourth-quarter sales and projected current-quarter revenue below Wall Street expectations, strong traction in the outsourcing business, strong order bookings, and encouraging management commentary were the key positives from the industry's standpoint. Nifty IT ended nearly 3.5 per cent higher at 19,629 levels. 

GMR Infrastructure gained over 11 per cent to Rs 23.55 on the BSE after the company said the GMR Group would divest its entire 51 per cent stake in Kakinada SEZ to reduce debt. READ MORE

Shares of ended over 4 per cent higher at Rs 376 on the BSE after US health regulator USFDA gave its approval for Naproxen Sodium and Diphenhydramine Hydrochloride Tablets, 220 mg/25 mg (OTC). READ MORE

Global markets

After the slide, it was the see-saw for on Friday, as stocks in large parts of the world headed for their worst weeks since peak coronavirus panic, and the dollar cemented its best run since April. London’s FTSE clawed up 0.2 per cent but Frankfurt’s Dax and the CAC40 in Paris were down 0.2 per cent and 0.4 per cent leaving the pan-European STOXX 600 index down more than 3 per cent, and travel stocks down over 6 per cent for the first time since June.

In the commodity market, oil prices edged higher but were set for a weekly decline due to mounting worries about the impact on fuel demand of a widespread resurgence in coronavirus infections, as well as some concern about the likely return of exports from Libya.

(With inputs from Reuters)


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