Sensex jumps over 350 points, Nifty tops 19,250; JK Lakshmi Cement, Mangalore Refinery gain up to 6%

Indian equity benchmarks traded higher in Friday's early trade, led by gains across all sectors. The 30-share BSE Sensex pack rose 373 points or 0.58 per cent to trade at 64,454, while the NSE Nifty moved 118 points or 0.62 per cent up to trade at 19,251. Broader market (mid- and small-cap) shares were also positive as Nifty Midcap 100 climbed 0.51 per cent and small-cap gained 1.03 per cent.

On the global front, Asian markets advanced today. Overnight, Wall Street equities rallied on optimism that the US Federal Reserve may not hike rates again in this cycle.

Back home, foreign institutional investors (FIIs) remained net sellers during the previous session, offloading Rs 1,261 crore of shares on a net basis while domestic institutional investors (DII) bought shares worth Rs 1,380 crore.

On BSE, JK Lakshmi Cement Ltd, Mangalore Refinery and Petrochemicals Ltd, Vakrangee Ltd, Agi Greenpac and Ratnamani Metals surged up to 6.19 per cent.

All the 15 sector gauges -- compiled by the NSE -- were trading in the green. Sub-indexes Nifty Bank, Nifty Financial Services, Nifty Auto and Nifty IT were outperforming the NSE platform by rising as much as 0.70 per cent, 0.69 per cent, 0.77 per cent and 0.88 per cent, respectively.

On the stock-specific front, Apollo Hospitals was the top gainer in the Nifty pack as the stock jumped 3.29 per cent to trade at Rs 5,047.55. Tata Motors, Tech Mahindra, Adani Ports and LTI Mindtree gained up to 2.51 per cent.

In contrast, SBI Life, Tata Steel, Dr Reddy's, IndusInd Bank and Nestle India were among the top laggards.

The overall market breadth was positive as 2,198 shares were advancing while 647 were declining on BSE.

On the 30-share BSE index, index heavyweights such as ICICI Bank, HDFC Bank, Infosys, Reliance Industries, Tata Motors and Titan were among the top gainers.

Also, JK Lakshmi Cement, Mangalore Refinery and Petrochemicals Ltd, Vakrangee Ltd, Agi Greenpac and Ratnamani Metals surged up to 6.19 per cent. On the flipside, Kirloskar Oil Engines, Hindware Home Innovation, Kirloskar Ferrous Industries, Syrma SGS Technology and 360 One Wam up to 8.21 per cent.

Nifty outlook

"A narrowing bollinger band along side prices swinging higher from oversold region and maintaining above 19,120 for most part of yesterday encourages us to persist with the 19,420 trajectory. The 19,250 region will be a point of indecision today, but as long as we do not get back below 19,170 after initial rise, extended upside could be expected," said Anand James, Chief Market Strategist at Geojit Financial Services.

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