Positive cues trigger rally on D-St for 2nd session
Propelled by buying in metal, telecom stocks alongside a rally in global markets
Positive cues trigger rally on D-St for 2nd session
Mumbai: Benchmark indices Sensex and Nifty ended higher for the second day in a row on Friday,.
Benchmark indices Sensex and Nifty advanced for the second straight session on Friday, powered by buying in metal and telecom stocks following a firm trend in global markets.
After swinging between gains and losses for most of the session, the 30-share BSE Sensex climbed 223.86 points, or 0.28 per cent, to settle at 81,207.17. During the day, the index touched a high of 81,251.99 and a low of 80,649.57, gyrating 602.42 points. As many as 2,710 stocks advanced while 1,490 declined and 139 remained unchanged on the BSE. The 50-share NSE Nifty edged higher by 57.95 points, or 0.23 per cent, to 24,894.25. On the weekly front, the BSE benchmark climbed 780.71 points or 0.97 per cent, and the Nifty went up by 24,894.25 points or 0.97 per cent.
“After a period of range-bound trading, the market closed on a positive note, supported by gains in metal and consumer durables stocks. Optimism over a potential Fed rate cut in October, a weakening dollar, and stable base metal prices drove the rally in metal indices.
“Consumption stocks are on a buzz led by reforms, a good monsoon and moderation in inflation, upsizing demand as disposable income increases,” Vinod Nair, Head of Research, Geojit Investments Limited, said.
From the Sensex firms, Tata Steel climbed the most by 3.40 per cent, followed by Power Grid, Axis Bank, Kotak Mahindra Bank, Larsen & Toubro, Bharat Electronics and Bharti Airtel. In contrast, Tech Mahindra, Maruti, UltraTech Cement and Bajaj Finserv were among the major laggards.
“The market’s move was largely driven by domestic factors. The RBI’s recent monetary policy -- holding rates steady while upgrading the growth outlook and lowering inflation guidance -- continued to boost confidence in rate-sensitive sectors, particularly banking. Additionally, earnings updates ahead of the reporting season reinforced the positive undertone,” Ajit Mishra - SVP, Research, Religare Broking Ltd, said.
