Sensex rises 284 points, Nifty closes at 11,470 on positive global cues
BusinessToday.In August 17, 2018
The Sensex and Nifty closed higher in trade today taking cues from global markets which rose on news China was preparing to resume trade discussions with the US, the first negotiations in more than a month. While the Sensex closed 284 points higher at 37,947, Nifty logged a gain of 85 points to close at 11,470 level, a record high.
Top Sensex gainers were YES Bank (3.76%), Vedanta Ltd (3.09%), and SBI (3.02%).
Of 30 Sensex stocks, 20 ended in the green.
Top Sensex losers were Hero MotoCorp (1.14%), ONGC (0.61%), and Maruti (0.58%).
"We are seeing some rotational moves today. Initially, the top five or seven contributors were leading the gains and now other large-cap stocks are also participating," said Rusmik Oza, senior vice-president and head of fundamental research at Kotak Securities.
Market breadth was positive with 1631 stocks closing higher compared to 1075 stocks falling on the BSE. 156 stocks were unchanged.
Money and bond markets were closed today on account of Parsi new year.
Rahul Sharma, senior Technical Research Analyst at Equity99 said, "For fourth straight week, Nifty closed in the green at new highs. On technical front, Nifty is in overbought zone. The benchmark indices settled higher on Friday taking cues from their Asian peers. Now, on weekly basis NIFTY has strong support at 11415 level, break will take it to 11366-11340 level. Keep strict stop loss of 11340 for buys. On the upper side NIFTY will face hurdle at 11500 level which is also psychological hurdle, cross over will create huge short covering up to 11550-11575 levels."
Midcaps and small cap stocks contributed to the gains with the BSE midcap index rising 0.88% or 142 points to 16,306 and small cap index gaining 0.94% or 156.66 points to 16,866 level.
Banking, metal and consumer durables stocks led the charge with their BSE indices rising 398 points, 216 points and 194 points, respectively.
Asian shares made moderate gains early Friday after US stocks jumped on news China is preparing to resume trade discussions with the US, the first negotiations in more than a month.
Britain's FTSE 100 gained 0.3 percent to 7,575.97 and the CAC 40 in France added 0.2 percent to 5,360.68, while Germany's DAX edged 0.1 percent lower to 12,229.01. The future contract for the Dow Jones industrial average rose 0.1 percent while the contract for the S&P 500 was flat.
Japan's Nikkei 225 index added 0.4 percent to 22,270.38, while the Shanghai Composite index shed 1.3 percent to 2,668.97. Hong Kong's Hang Seng gained 0.4 percent to 27,213.41 and India's Sensex jumped 0.8 percent to 37,957.33. In South Korea, the Kospi gained 0.3 percent to 2,247.05. Australia's S&P ASX 200 picked up 0.2 percent to 6,339.20. Shares were higher in Taiwan, Thailand and Singapore but fell in Malaysia.