Home Market Sensex gains 199 points, Nifty settles a tad above 9,250-mark led by...

Sensex gains 199 points, Nifty settles a tad above 9,250-mark led by pharmaceutical, FMCG stocks

The S&P BSE Sensex rose 199.32 points (0.63 per cent) to end at 31,642.70. likewise, the Nifty 50 settled at 9,251.50, up 52.45 points (0.57 per cent). On a weekly basis, the Sensex witnessed a 6.15 per cent fall while the Nifty slipped 6.17 per cent.

The frontline equity indices on the BSE and National Stock Exchange (NSE) ended over 0.5 per cent higher on Friday led by gains in pharmaceutical and fast-moving consumer goods (FMCG) stocks.

The S&P BSE Sensex rose 199.32 points (0.63 per cent) to end at 31,642.70. likewise, the Nifty 50 settled at 9,251.50, up 52.45 points (0.57 per cent). Both the indices had opened nearly 2 per cent higher earlier in the day but trimmed some of their gains during the late afternoon session of trade.

On a weekly basis, the Sensex witnessed a 6.15 per cent fall while the Nifty slipped 6.17 per cent.

On the Sensex, gains were led by Hindustan Unilever (HUL), Nestle India, Tech Mahindra, Sun Pharmaceutical Industries, Reliance Industries (RIL) and Ultratech Cement. On the other hand, Mahindra & Mahindra (M&M), Axis Bank, NTPC, IndusInd Bank, State Bank of India (SBI) and Maruti Suzuki India were the biggest losers of the day.

Among sectoral indices on NSE, the Nifty Pharma index gained 2.13 per cent led by Sun Pharma and Dr. Reddy’s Laboratories. This apart, the Nifty FMCG index too rose 1.92 per cent led by Colgate Palmolive (India), HUL and Nestle.

In the broader market, the S&P BSE MidCap index ended at 11,423.81, up 4.13 points (0.04 per cent), while the S&P BSE SmallCap settled at 10,638.70, down 48.05 points (0.45 per cent).

“Nifty fluctuated around 150 points in another day of volatile trades, tracking uncertainty in the markets. Gains were led by Reliance, which succeeded in another round of fundraising even in this adverse scenario. Global market trends were also positive following attempts to defuse tensions around the US-China trade talks. While the earnings season has been lacklustre, markets seem to be awaiting announcement of a stimulus package from the government,” Vinod Nair, Head of Research at Geojit Financial Services said in a statement after the market hours.

The rupee appreciated 18 paise to settle at 75.54 against the US dollar on Friday, tracking higher domestic equities and weakness in the US currency, news agency PTI reported.

At the interbank foreign exchange, the rupee opened at 75.36, then pared some initial gains to finally close at 75.54 against the US dollar, registering a rise of 18 paise over its previous close on Wednesday.

Forex market was closed on Thursday on account of Buddha Purnima.

During the day, the domestic currency hit an intra-day high of 75.27 and a low of 75.59 against the greenback. On Wednesday, the local unit had settled at 75.72 against the dollar.

Global shares rallied on Friday as investors cheered signs of improving Sino-American relations and looked towards more governments gradually reopening their economies.

The positive mood stands in sharp contrast to the economic data. US unemployment numbers due later on Friday are expected
to be the worst in a lifetime as the coronavirus pandemic ravages economies.

Top US and Chinese trade representatives discussed their Phase 1 trade deal on Friday, with China saying they agreed to improve the atmosphere for its implementation and the United States saying both sides expected obligations to be met.

Asian markets, which had opened higher following gains on Wall Street, were lifted by news of a phone call between US and China trade representatives.

This calmed investors’ fears about renewed trade tensions after US President Donald Trump and other top officials blamed China for the deaths of hundreds of thousands from the new coronavirus and threatened punitive action, including possible tariffs and shifting supply chains away from China.

 

Source

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