Sensex rises over 150 points, Nifty tops 19,300; DCM Shriram, ITD Cementation surge up to 20%

Indian equity benchmarks traded higher in Friday's early trade, led by gains in metals, automobile and energy stocks. The 30-share BSE Sensex pack rose 151 points or 0.24 per cent to trade at 64,981, while the broader NSE Nifty moved 59 points or 0.31 per cent up to trade at 19,313. Mid- and small-cap shares were mixed as Nifty Midcap 100 shed 0.01 per cent and small-cap rose 0.48 per cent.

Asian markets were subdued on weak economic data from China. Wall Street equities were mixed overnight ahead of a key US jobs report, which could influence the Federal Reserve's rate decision later this month. On the domestic front, gross domestic product (GDP) expanded 7.8 per cent on an annual basis in the June quarter, the fastest in a year on strong services activity and robust demand.

Foreign institutional investors (FIIs) sold shares worth Rs 2,973 crore on a net basis during the previous session, while domestic institutional investors (DIIs) bought shares worth Rs 4,383 crore, according to stock exchange data.

"Continuing with the ongoing theme, markets may see sharp sideways movement on either side during intra-day trade due to lack of firm cues from global equities. Select auto stocks could be in focus which will react to monthly sales numbers to be announced today. Other than weak global macros, India's rainfall deficit last month is a cause of concern as any extended dry spell could further worsen the sentiment. Investors are hoping the FII outflows to take a breather and reverse the trend this month," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

Eight out of the 15 sector gauges -- compiled by the NSE -- were trading in the green. Sub-indexes Nifty Metal, Nifty Auto and Nifty Oil & Gas were outperforming the NSE platform by rising as much as 2.28 per cent, 0.79 per cent and 0.80 per cent, respectively. However, Nifty Pharma and Nifty Healthcare slipped 0.27 per cent and 0.37 per cent, respectively.

On the stock-specific front, Tata Steel was the top gainer in the Nifty pack as the stock jumped 4.15 per cent to trade at Rs 128. Hindalco, Jio Financial Services, JSW Steel and ONGC gained up to 3.70 per cent.

In contrast, Divi's Labs, Asian Paints, NTPC, Adani Ports and HDFC Bank were among the top laggards.

The overall market breadth was positive as 1,888 shares were advancing while 956 were declining on BSE.

On the 30-share BSE index, Reliance Industries, Tata Steel, Tata Consultancy Services (TCS), M&M and ITC were among the top gainers.

Also, DCM Shriram, ITD Cementation India, MTAR Technologies, ZF Commercial Vehicle, BHEL and Navneet Education surged up to 20 per cent. On the flipside, HDFC AMC, Aether Industries, KPI Green Energy, CG Power and Power Finance Corporation slipped up to 3.68 per cent.

On Thursday, Sensex had declined 256 points or 0.39 per cent to close at 64,831, while Nifty had moved 94 points or 0.48 per cent down to settle at 19,254.

Nifty outlook

"The recovery swing higher in the closing hour raises feeble hopes towards upsides, whose prospects will depend on ability to float above 19,293. Alternatively, direct fall below 19,265 will again rekindle fears of 18,800 or 18,300, but the prospects of an outright collapse look limited. Intermediate support is seen at 19,175. Meanwhile upswings have room till 19,500, once 19,367 is cleared," said Anand James, Chief Market Strategist at Geojit Financial Services.

Also read: Adani Enterprises, Adani Power, Adani Green shares in news on report Pandora probe links Adani to shell firms

Also read: Rs 21 to Rs 131: This railway stock turned into multibagger in three years; fell 10% from record high