Sensex jumps 480 points, Nifty reclaims 19500; Zomato surges 11%

Domestic markets recovered slightly on Friday after a two-day plunge. The relief rally triggered by buying in select heavyweight sectors pushed the markets higher, despite muted global cues. Positive sentiments at Dalal Street allowed traders to buy the dips.

For the day, the 30-share pack BSE Sensex gained more than 480.57 points, or 0.74 per cent, to settle at 65,721.25, while the Nifty50 surged 135.35 points, or 0.70 per cent, to end the week at 19,517. Broader markets performed in tandem as BSE midcap and smallcap indices also added two-third percent. Fear gauge India VIX dropped more than 5 per cent to 10.57-level.

Amidst weak global sentiments, Indian Indices recovered after consecutive two days of profit booking. Most of the major indices were in green. Fitch downgrade’s reaction has been passed now and Indian markets are poised to be optimistic in the coming session, said Riches Vanara, Technical And Derivatives Analyst, Stoxbox.

"Today Nifty gapped up 81 points and surged another 54 points on a higher high and a higher low trajectory and reclaimed its 30 DEMA. Going forward it will be crucial that the index continues to hold above the support zone of 19300 to attract bullish strength," he said.

On a sectoral front, the Nifty PSU Bank index shed about a per cent, while the Nifty auto and FMCG indices also settled in red. Among the gainers, the Nifty IT index gained about 2 per cent, while the Nifty private bank, consumer durable financial services and pharma indices added a per cent each.

In the Nifty50 pack, Cipla topped among the gainers, rising 4 per cent, amid the takeover buzz. IndusInd Bank and Tech Mahindra gained about 3 per cent each, while Wipro, Bharti Airtel, Coal India, Axis Bank and HCL Technologies added two per cent, each, for the day.

Among the losers, State Bank of India dropped more than 3 per cent after Q1 earnings. Bajaj Auto settled 2 per cent down. Bharat Petroleum, Maruti Suzuki India, NTPC, Eicher Motors, Power Grid, Bajaj Finserv and Tata Motors declined about a per cent, each.

Positive earnings reports provided a much-needed boost to the domestic market, aiding its recovery from the impact of weak global cues, said Vinod Nair, Head of Research at Geojit Financial Services.

"The pharma sector sustained its positive momentum, with the trend being extended by the IT and banking stocks. However, increasing US bond yields continued to distract the global market, impeding the inflow of foreign funds into the domestic market," he added.

A total of 3,720 shares were traded on BSE on Friday, of which 2,233 settled with gains. 1,336 stocks ended the session with cuts while 151 shares remained unchanged. A total of 278 shares hit their upper circuit, whereas 178 shares tested the lower circuit levels for the day.

In the broader markets, Quick Heal Technologies hit an upper circuit of 20 per cent, while Arihant Capital Markets surged 18 per cent for the day. Thomas Cook (India) gained more than 14 per cent, while SML Isuzu rose more than 12 per cent. Zomato jumped 11 per cent, while Lloyd Steel settled 10 per cent higher.

Among the losers, Sandur Manganese and Iron Ores dropped more than 9 per cent, while Nava settled 8 per cent down. JM Financial and DCX Systems declined 7 per cent and Mahanagar Gas and Jagsonpal Pharmaceutical fell 6 per cent. Aditya Birla Fashion and Retail ended 5 per cent lower.

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