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Sensex rises 293 pts to go past 28K; Nifty above 8,600

BT Online     August 12, 2016

Equities jumped Friday for the second day as the benchmark BSE Sensex recaptured the 28,000-level by surging 293 points and NSE Nifty breached the 8,600-mark on continued buying by investors ahead of IIP and inflation data.

Brokers said widening of positions by participants ahead of key economic data-industrial production (IIP) for June and consumer price index (CPI) for July to be released after market closing-helped boost trading sentiment.

Domestic markets took cues from firming trend at other Asian bourses and higher opening in European market following a record close overnight at Wall Street in view of surging oil prices.

For the week, the Sensex rose by 74.05 points, or 0.26 per cent, while the Nifty shed 11 points, or 0.12 per cent.

The BSE Sensex surged 292.80 points, or 1.05 per cent, to end at 28,152.40 on widespread gains ahead of release of key macroeconomic data-IIP for June and Consumer Price Index-based inflation (CPI) for July.

The gauge had gained 84.72 points in yesterday's trade.

The broader NSE Nifty recaptured the 8,600-mark and ended at 8,672.15, up 80 points or 0.93 per cent. Intra-day, it moved between 8,684.30 and 8,604.45.

SBI stock surged 7.16 per cent to Rs 243.20 despite posting a massive 77.8 per cent fall in its net profit at Rs 1,046 crore for the June quarter. Axis Bank shares rose 3.99 per cent to Rs 590.75 and Tata Motors by 2.58 per cent to Rs 515.25.

Other big movers of the day are Power grid (2.24 per cent, RIL (2.22 per cent), HDFC ltd (2.21 per cent ), M&M (2.12 per cent), Tata Steel (1.71 per cent), ICICI Bank (1.49 per cent), Adaniports (1.46 per cent), TCS (1.04 per cent), L&T( 0.96 per cent) and ONGC ( 0.87 per cent).

Oil stocks led by RIL and ONGC were also in limelight as crude oil extended their rally in global markets.

Among sectoral indices, banking index rose the most by 2.03 per cent followed by metal 1.26 per cent, PSU 1.18 per cent, auto 1.07 per cent, infrastructure 0.99 per cent, power 0.82 per cent, capital goods 0.64 per cent, FMCG 0.61 per cent and consumer durables 0.26 per cent.

European markets were trading narrowly mixed as key indices like France and Germany moved down by 0.16 pct to 0.37 pct while UK's FTSE was quoted higher by 0.09 pct.

US stocks edged higher yesterday with the Dow Jones Industrial Average, the Nasdaq Composite index and the S&P 500 index closing at record highs, amid sharp gains in crude oil prices and strong quarterly results from retailers.

State Bank of India (SBI) jumped by 7.16 per cent to Rs 243.20 after after the bank reported smaller-than-expected decline in net profit in Q1 June 2016 and also reported less than expected increase in bad loans.

The BSE Mid-Cap index was provisionally up 0.83 per cent. The BSE Small-Cap index was provisionally up 0.21 per cent. Both these indices underperformed the Sensex.

Turning to the domestic market, 22 scrips out of the 30- share sensex ended higher while remaining eight closed lower.

Other gainers were Axis Bank 3.99 pct, Tata Motors 2.58 pct, Powergrid 2.24 pct, Reliance 2.22 pct, HDFC 2.21 pct, M&M 2.12 pct, Tata Steel 1.71 pct, ICICI Bank 1.49 pct, Adani Ports 1.46 pct and TCS 1.04 pct.

However, Infosys fell by 1.28 pct, Cipla 1.26 pct, Sun Pharma 0.88 pct and Asian Paints 0.57 pct.

Among the S&P BSE sectoral indices, Bankex rose by 2.03 pct followed by Finance 1.78 pct, Metal 1.26 pct, Auto 1.07 pct, Industrials 0.92 pct, Power 0.82 pct, Energy 0.79 pct and Capital Goods 0.64 pct, while Realty fell by 0.48 pct followed by IT 0.44 pct and Telecom 0.10 pct.

The market breadth remained negative as 1,392 stocks closed in red while 1,264 stocks finished in green and 182 ruled steady.

The total turnover rose to Rs 3,996.38 crore from Rs 3,406.04 crore on Thursday.

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