Sensex rises over 300 points; Nifty tops 19,450; Zomato, Dixon Tech jump up to 10%

Indian equity benchmarks returned to the positive territory in Friday's trade, snapping their three-day fall. The 30-share BSE Sensex pack rose 305 points or 0.47 per cent to trade at 65,546, while the broader NSE Nifty moved 96 points or 0.49 per cent up to trade at 19,478. Mid- and small-cap shares were positive as Nifty Midcap 100 climbed 0.50 per cent and small-cap gained 0.83 per cent.

On the global front, Asian equities traded higher, while Wall Street equities closed marginally lower overnight.

Back home, foreign institutional investors (FIIs) sold Rs 317 crore worth of shares on a net basis during the previous session, while domestic institutional investors (DIIs) bought Rs 1,729 crore of equities, as per provisional NSE data.

"A significant trend is that FIIs have been continuous sellers in the last six trading sessions with a cumulative sell figure of Rs 7,990 crore. With the 10-year US bond yield spiking to 4.16 per cent, the FIIs may continue to sell or at least refrain from buying aggressively. The positive factor is that the DIIs are buying aggressively more than compensating for FII selling. During the last six sessions DIIs have bought stocks for around Rs 9,000 crore," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

12 out of the 15 sector gauges -- compiled by the National Stock Exchange -- were trading in the red. Sub-indexes Nifty IT, Nifty Consumer Durables and Nifty Pharma were outperforming the NSE platform by rising as much as 1.62 per cent, 1.30 per cent and 0.93 per cent, respectively.

On the stock-specific front, Cipla was the top gainer in the Nifty pack as the stock jumped 5.33 per cent to trade at Rs 1,228. Wipro, HCL Tech, LTI Mindtree and Tech Mahindra rose up to 2.15 per cent.

In contrast, Bajaj Auto, Hero MotoCorp, PowerGrid, BPCL and Hindustan Unilever were among the top laggards.

The overall market breadth was positive as 2,089 shares were advancing while 846 were declining on BSE.

On the 30-share BSE index, Infosys, Tata Consultancy Services (TCS), HDFC Bank, Reliance Industries and L&T were among the top gainers.

Also, Zomato, Dixon Tech, Intellect Design, Info Edge, PB Fintech, LIC Housing Finance, NBCC, Delhivery, Cipla, Jyothy Labs and KPIT Tech surged up to 9.88 per cent. In contrast, RBL Bank, JM Financial, Max Healthcare, AB Capital, KSB, Aarti Drugs and VIP Industries slipped up to 5.18 per cent.

On Thursday, Sensex had tanked 542 points or 0.82 per cent to close at 65,241, while Nifty had moved 145 points or 0.74 per cent down to end the session at 19,382.

Nifty outlook

"Yesterday, we had pencilled in 19,280-19,119-18,900 as the support region that the ongoing down moves could aim for. Incidentally, the day's carnage stopped just short of 19,280, paving way for a retracement. Upside attempts today need to ensure that 19,380 is intact, but expect 19,415-19,450 also to be equally critical. With VIX easing towards close, further collapse is less expected today, but it would only mean volatility being postponed for next week, unless 19,540 is cleared," said Anand James, Chief Market Strategist at Geojit Financial Services.

 

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