Sensex, Nifty rebound over 1 pc after six sessions of losses
Mumbai (PTI): Equity benchmark indices Sensex and Nifty on Friday reversed their six-session losing streak and rebounded more than 1 per cent on value-buying in auto, IT, financial and energy stocks.
Better-than-expected quarterly financial results of corporates also boosted investor sentiments even as uncertainties persisted over the escalating tensions in the Middle East, according to analysts.
In a largely range-bound trade, the 30-share BSE Sensex rose 634.65 points or 1.01 per cent to settle at 63,782.80 points. During the session, it swung between a high of 63,913.13 points and a low of 63,393.37 points.
Likewise, the wider gauge Nifty surged 202.45 points or 1.07 per cent to 19,059.70 points.
"Domestic equities ended higher following positive global cues. The US Q3 GDP data came in at a two-year high of 4.9 per cent, which was better than the expectation of 4.2 per cent and shows strong US economy resilience.
"Even on the domestic front, heavyweights like Maruti, Cipla and Dr Reddy came out with robust results during the session, which boosted investor sentiments," Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd, said.
Axis Bank was the biggest gainer in the Sensex pack, rising 3.07 per cent, followed by HCL Tech, SBI, NTPC, Tata Motors, Nestle India, and Infosys.
Shares of index heavyweight Reliance Industries witnessed heavy buying as it surged 1.75 per cent to close at Rs 2,265.25 apiece. The company will announce its quarterly financial numbers after market hours.
Maruti Suzuki India on Friday reported a whopping 80.3 per cent increase in net profit at Rs 3,716.5 crore in the July-September quarter driven by better sales, softening commodity prices, cost reduction efforts and higher non-operating income.
On the other hand, Asian Paints, Ultratech Cement and ITC were the laggards.
"The domestic market recovered well compared to yesterday's sharp corrections, due to restrained FII selling, along with moderation in currency and global bond yield volatility.
"To date, the Q2 results outcome is decent, which is in line with the buoyant estimate. Yet, the market is not enthusiastic as we are at the cusp of earnings downgrade in anticipation of a further slowdown in the world economy due to elevated interest rates and geopolitical risk," Vinod Nair, Head of Research at Geojit Financial Services, said.
In the broader market, the BSE midcap gauge gained 1.70 per cent, and the smallcap index rose 1.89 per cent.
All the sectoral indices ended in the green, utility gained 2.22 per cent, power jumped 2.04 per cent, services (1.79 per cent), industrial (1.63 per cent), realty (1.63 per cent) and IT (1.36 per cent).
In six trading sessions till October 26, Sensex had declined 3,279.94 points.
"Asian markets mostly rose after data showed the US economy was growing robustly and as robust forecasts from Amazon.com and Intel, along with a pullback in Treasury yields lifted megacaps.
"European stocks were mixed on Friday as weak corporate earnings offset robust US economic data released overnight. Energy stocks outperformed as oil prices surged on concerns over a widening of the Israel-Hamas conflict," Deepak Jasani, Head of Retail Research, HDFC Securities, said.
In Asian markets, Seoul, Shanghai, Tokyo and Hong Kong ended with significant gains on Friday.
European markets were trading on a mixed note. The US equity indices ended in negative territory on Thursday.
Global oil benchmark Brent crude rose 2.50 per cent to USD 90.13 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,500.13 crore on Friday, according to exchange data.
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India moving towards becoming global economic powerhouse: Kovind
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Amritsar (PTI): Former president Ram Nath Kovind on Friday said that with digital transformation, economic reforms and a strong focus on the ease of doing business, India is moving towards becoming a global economic powerhouse.
He was speaking after inaugurating the 19th edition of the Punjab International Trade Expo (PITEX) in Amritsar.
The former president said that this 19th edition of PITEX is being organised at a time when India is recognised as one of the fastest-growing large economies in the world.
Speaking at the inaugural ceremony of the event organised by the PHD Chamber of Commerce and Industry (PHDCCI) the former president, while referring to Punjab, said the state is a living example of courage, sacrifice and enterprise.
"The spiritual light of Sri Harmandir Sahib (Golden Temple) inspires peace and humanity across the world. The heritage of Punjab is deep and inspiring," Kovind said, according to a statement issued by the PITEX.
The former president congratulated the PHDCCI for hosting the 19th edition of PITEX and suggested that the chamber should expand PITEX outside Punjab.
He proposed that a similar event should also be held in New Delhi.
