After 2 days of losses, equity indices surge on value buying, global cues (Roundup)

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Mumbai, June 29 (IANS) Value buying, along with broadly positive global bourses and a recovery in Indian rupee, aided the key Indian equity indices to make substantial gains on Friday.

Both the BSE Sensex and NSE Nifty50 ended over one per cent higher after two days of consecutive losses.

Index-wise, the broader Nifty50 of the National Stock Exchange (NSE) closed at 10,714.30 points — up by 125.20 points or 1.18 per cent — from its previous close of 10,589.10 points.

The barometer 30-scrip Sensex on the BSE, which had opened at 35,128.16 points, closed at 35,423.48 points — higher by 385.84 points or 1.10 per cent — from its previous session’s close of 35,037.64 points.

Sensex touched a high of 35,459.05 points and a low of 35,099.65 points during the intra-day trade.

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In the broader markets, the S&P BSE mid-cap rose by 1.81 per cent and the S&P BSE small-cap ended 1.92 per cent higher from its previous close. The BSE market breadth was bullish with 1,830 advances and 757 declines.

“After trading the week on a fairly negative note, benchmark indices traded today (on Friday) with gains as investors shrugged off reason concerns and took to buying stocks at lower levels,” said Abhijeet Dey, Senior Fund Manager for Equities at BNP Paribas Mutual Fund.

Despite the underlying sentiment being fragile, stocks across the globe recovered from the recent sell-off to trade higher, he said.

“The bounce back came on the back of positive global cues,” said Deepak Jasani, Head of Retail Research at HDFC Securities, adding that major Asian markets closed on a positive note and European indices like FTSE 100, CAC 40 and DAX also traded in the green.

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According to Dhruv Desai, Director and Chief Operating Officer at Tradebulls, improved domestic sentiments after the rupee recovered from its record low against the US dollar also supported the markets.

The rupee ended at 68.47 per dollar, 32 paise stronger than its previous close of 68.79 per greenback.

Investment-wise, provisional data with exchanges showed that foreign institutional investors sold scrip worth Rs 157.15 crore while the domestic institutional investors bought stocks worth Rs 2,262.83 crore.

Sector-wise, all the indices ended on a positive note with the S&P BSE consumer durables index gaining the most, by 576.31 points. It was followed by the capital goods and oil and gas indices which rose by 475.61 points and 368.85 points respectively.

The major gainers on the Sensex were Tata Steel, up 3.61 per cent at Rs 567.85; Yes Bank, up 3.16 per cent at Rs 339.60; Reliance Industries, up 2.99 per cent at Rs 972.95; Larsen and Toubro, up 2.86 per cent at Rs 1,271.30; and Adani Ports, up 2.75 per cent at Rs 372 per share.

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The top losers were IndusInd Bank, down 1.45 per cent at Rs 1,939.30; Hero MotoCorp, down 1.19 per cent at Rs 3,472.05; HDFC Bank, down 1.17 per cent at Rs 2,108.05; Mahindra and Mahindra, down 1.15 per cent at Rs 896.80; and Sun Pharma, down 0.83 per cent at Rs 560.55 per share.

–IANS

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