Market Podcast: Market gains on heavy buying in banking stocks

  • Market Podcast: Market gains on heavy buying in banking stocks

Market Podcast: Market gains on heavy buying in banking stocks

Sensex today: The benchmark indices opened higher tracking positive trend in Asian markets, which edged higher on Friday, after U.S. equities were buoyed by solid quarterly earnings and a rebound in technology stocks.

At 3.30 p.m., the wider Nifty50 of the National Stock Exchange (NSE) provisionally closed at 10,695.30 points, up 77.50 points or 0.73 per cent from the previous close. At the close, the benchmark 30-share index, BSE Sensex gained 256.10 or 0.74% at 34,969.70 with 17 components posting rise. At 9:17 am, the Sensex was trading at 34,829, up 115.59 points, while the broader Nifty50 was ruling at 10,658, up 41.10 points.

Market breadth was positive with 1401 stocks rising against 1234 closing lower on BSE.

Shares of Videocon (down 6.03 per cent), PC Jeweller (down 4.47 per cent) and Rallis India (down 4.44 per cent) cracked up to 6 per cent on BSE during Friday's trade, defying positive market sentiment.

Sensex and Nifty closed at their highest levels in almost three months today, boosted by strong gains in banking stocks and market heavyweight Reliance Industries. The index closed 47 points higher at 10,617 on Thursday.

"All the Asian markets have closed on a positive note". The Sensex breached the 35,000 level intra day but erased gains due to profit booking.

Sector-wise, the S&P BSE banking index surged by 559.54 points, followed by the capital goods index by 266.43 points, and the oil and gas index by 152.15 points.

On the currency front, the Indian rupee strengthened by nine paise to 66.67 against the United States dollar from its previous close at 66.76.

On the other hand, Tata Consultancy Services (2.42%), Wipro (2.17%), Maruti Suzuki India (1.90%), Coal India (1.83%), Hero Motocorp (1.20%), and Hindustan Unilever (1.12%) were the major losers in the Sensex.