Key equity indices extended early gains and hit fresh intraday high in morning trade. At 10:37 IST, the barometer index, the S&P BSE Sensex, was up 614.96 points or 1.81% at 34,616.11. The Nifty 50 index was up 197 points or 1.92% at 10,431.65. Recovery in other Asian shares triggered value buying in domestic shares.
Among secondary barometers, the BSE Mid-Cap index was up 2.13%. The BSE Small-Cap index was up 2.27%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On BSE, 1751 shares rose and 366 shares fell. A total of 89 shares were unchanged.
Metal shares were in demand. Jindal Steel & Power (up 5.36%), Hindalco Industries (up 3.78%), Vedanta (up 3.10%), JSW Steel (up 3.04%), NMDC (up 2.86%), Tata Steel (up 2.27%), Steel Authority of India (up 1.92%), National Aluminium Company (up 1.65%), Hindustan Zinc (up 1.26%) and Hindustan Copper (up 0.58%), edged higher.
Most FMCG shares rose. Jyothy Laboratories (up 2.46%), Britannia Industries (up 2.31%), Dabur India (up 2.05%), Tata Global Beverages (up 2.05%), Hindustan Unilever (up 1.88%), Marico (up 1.63%), Nestle India (up 1.54%), Bajaj Corp (up 1.52%), Procter & Gamble Hygiene & Health Care (up 0.59%) and Colgate Palmolive (India) (up 0.09%), edged higher. GlaxoSmithKline Consumer Healthcare (down 0.08%) and Godrej Consumer Products (down 0.77%), edged lower.
Overseas, Asia stocks rose on Friday, holding steady after a nine-day losing streak, but sentiment was frail after Wall Street shares crumbled and expectations of market volatility shot up to an eight-month high. Worries about the economic impact of a Sino-US trade war, a spike in US bond yields this week and caution ahead of earnings seasons are all cited as potential reasons behind the selloff, the biggest market rout since February.
US stocks extended losses to finish lower Thursday, as investors continued to fret over rising bond yields and the prospect of higher interest rates.
In the latest US economic data, jobless claims rose by 7,000 in the latest week, although they remain near multi-decade lows. Separately, the consumer-price index rose 0.1% in September. Core CPI, which excludes food and energy, rose at the same pace.
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