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Sensex, Nifty rise for third session; L&T, PowerGrid, NTPC top gainers

Sensex, Nifty rise for third session; L&T, PowerGrid, NTPC top gainers

Sensex gained 303.38 points to end at 54,481.84 and Nifty rose 87.70 points to close at 16,220.60.

Market cap of BSE-listed firms rose to Rs 251.59 lakh crore today against Rs 250.64 lakh crore in the previous session. Market cap of BSE-listed firms rose to Rs 251.59 lakh crore today against Rs 250.64 lakh crore in the previous session.

Indian market gained for the third consecutive session on Friday amid mixed global cues. Sensex gained 303.38 points to end at 54,481.84. During the day, it jumped 448.68 points to 54,627.14. Nifty rose 87.70 points to close at 16,220.60.

Larsen & Toubro, Power Grid, NTPC, ICICI Bank, Axis Bank, Dr Reddy's Lab, Nestle, Bharti Airtel, Infosys and Hindustan Unilever were the top Sensex gainers, rising up to 4.72 per cent.

Tata Steel, Maruti Suzuki India, IndusInd Bank, TCS and Asian Paints were among top Sensex losers, falling up to 1.62 per cent. BSE midcap and smallcap indices rose 44 points and 72 points, respectively. Capital goods shares were the top sectoral gainers with their BSE index rising 601 points, respectively. BSE metal index was the top loser, falling 155 points to 15,950.

"The present rally is driven partly by expectations that given the steady decline in commodity prices, inflation will start showing a declining trend enabling central banks to go a bit slow on hiking rates, and partly by short covering," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Share Market Update: Sensex rises 303 pts, Nifty above 16,200; L&T, PowerGrid top gainers

Market breadth was positive with 1,897 stocks ending higher against 1,378 stocks falling on BSE. 165 shares were unchanged. Market cap of BSE-listed firms rose to Rs 251.59 lakh crore today against Rs 250.64 lakh crore in the previous session.

Nagaraj Shetti, Technical Research Analyst, HDFC Securities said, "Nifty sustained above the important resistance of previous opening down gap of June 13 at 16,170 levels and closed higher. Previously, none of opening downside gaps have been taken out decisively on the upside in last couple of months. If Nifty manages to stay above Rs 16,200 levels and moves up in the next 1-2 sessions, then that could mean an important trend reversal on the upside for Nifty as per smaller and larger timeframe chart. The short-term trend of Nifty continues to be positive. Having sustained above the crucial hurdle at Rs 16170 levels, there is a possibility of Nifty moving towards the next upside resistance of 16,500 levels by next week. Immediate support is placed around 16,150-16,100 levels."

Foreign institutional investors (FIIs) remained net sellers in the capital market as they sold shares worth Rs 925.22 crore on Thursday, as per exchange data.

The rupee declined by 10 paise to close at 79.23 against the US dollar on Friday, tracking the strength of the American currency in the overseas market. At the interbank foreign exchange market, the local currency opened at 79.20 and finally ended at 79.23, down 10 paise over its previous close of 79.13.

Foreign institutional investors remained net sellers on Thursday, offloading shares worth Rs 925.22 crore, as per exchange data.

In the previous session, benchmark indices ended higher amid positive global cues. Sensex rose 427 points to 54,178 and Nifty ended 143 points higher at 16,132. Titan, Tata Steel, L&T, IndusInd Bank and M&M were the top Sensex gainers, rising up to 5.69 per cent. Dr Reddy's, Nestle India,  Bharti Airtel and Reliance Industries were the top Sensex losers, falling up to 1.26 per cent. BSE midcap and smallcap indices rose 265 points and 328 points, respectively.

Global markets

In Asia, markets in Tokyo, Hong Kong and Seoul ended higher, while Shanghai settled marginally lower. Equity markets in Europe were trading lower in mid-session deals. The US markets had ended higher on Thursday. Meanwhile, international oil benchmark Brent crude dipped 0.12 per cent to $104.5 per barrel.