Kotak Bank (4.32%), TCS (3.47%) and PowerGrid (2.91%) were the top Sensex gainers. Top Sensex losers were Bharti Airtel (2.49%), Hindustan Unilever (2.11%) and YES Bank (1.68%).
The Sensex and Nifty extended gains in afternoon trade amid higher Asian markets as investors await news on China-US trade talks. The indices rose led by gains in banking and information technology sectors. While the Sensex rallied 340 points to 38,094 in afternoon trade, the Nifty climbed 100 points to 11,444.
Kotak Bank (4.32%), TCS (3.47%) and PowerGrid (2.91%) were the top Sensex gainers.
Top Sensex losers were Bharti Airtel (2.49%), Hindustan Unilever (2.11%) and YES Bank (1.68%).
Of 30 Sensex stocks, 19 were trading in green.
"The recent rally, which has taken place post consolidation of four months, was pending and is likely to stay... We are likely to breach the (NSE index) peak of 11,760 in the short term," said Pritesh Mehta, senior vice president, Yes Securities.
On Thursday, Sensex and Nifty ended flat in choppy session. The Sensex closed 2.72 points higher at 37754.89, while Nifty was up 1.60 points at 11343.30. About 1216 shares advanced, 1468 shares declined, and 148 shares were unchanged.
Meanwhile, the mid cap and small cap indices were trading 74.82 points and 65.10 points higher in early trade today.
During the last 19 sessions, midcaps and small caps indices have gained 1,368 points and 1,808 points, respectively.
Debabrata Bhattacharjee, Head of Research at CapitalAim said, "BSE midcaps and small caps stocks have outperformed the benchmark indices in the past sessions. The reason behind the outperformance was the attractive valuations of small-cap companies and these stocks are already beaten down since the correction in benchmark indices. Now, the stocks that are worthy with their performance in the past quarters can outperform in near future. Investors should be selective while choosing mid-cap or small caps companies in the portfolio. The momentum in large caps along with mid-caps and small caps starts simultaneously but the basic difference in small-cap and midcaps rally is sharp momentum because of their higher beta."
Market breadth was positive with 1292 stocks trading higher compared to 1163 falling on the BSE.
Banking and IT stocks led the gains with their indices rising 540 points to 32,942 and 308 points to 15,206 levels, respectively. Bank Nifty hit its 52 week high of 29,409. BSE bankex too rose to 32,960 level today, its fresh 52-week high.
On a net basis, foreign portfolio investors (FPIs) bought shares worth a net of Rs 1482.99 crore on Thursday, and domestic institutional investors (DIIs) were net sellers to the tune of Rs 817.77 crore, provisional data available with BSE showed.
49 stocks hit their 52-week highs compared to 86 touching their 52-week low on BSE. Number of stocks which hit upper and lower circuits were 160 and 189 respectively.
Shares rose Friday in Asia after a day of lackluster trading on Wall Street. Japan's Nikkei 225 index jumped 1 percent to 21,506.92 as the Bank of Japan ended a policy meeting by keeping its key interest rate at minus 0.1 percent, maintaining its stance of extreme monetary easing and lavish stimulus. The Shanghai Composite index jumped 1.5 percent to 3,035.10 and Hong Kong's Hang Seng added 0.8 percent to 29,083.03.
US stocks indexes barely budged Thursday as the market's three-day winning streak stalled. The benchmark Standard & Poor's 500 index 0.1 percent to 2,808.48. The Dow Jones Industrial Average was flat at 25,709.94. The Nasdaq composite dropped 0.2 percent to 7,630.91, while the Russell 2000 index of smaller companies gave up 0.4 percent, to 1,549.63.
Edited by Aseem Thapliyal