Markets close on positive note: Sensex 199 points up, propelled by strong gains in RIL; rupee closes higher
Reliance Industries was the biggest contributor to the gains on the index, jumping over 3 percent after the company announced that US-based PE firm Vista Equity Partners will buy 2.32 percent stake in Jio Platforms for Rs 11,367 crore.
Tracking positive global cues, the stock markets started the session with gap-up opening and remained in the green territory throughout the session. While market paired some gains in the late afternoon session due to selling in Bank Nifty, it managed to close the session with gain of 0.6 percent amid buying in heavy weight stocks such as Reliance, FMCG and pharma stocks.
— CNBC-TV18 (@CNBCTV18Live) May 8, 2020
The investors are cautious over rising coronavirus cases in the country despite weeks of lockdown which could impact the economy severely. Banking and financial stocks remained on the selling radar amid concerns of high NPAs in the near-term. Defensive sectors such as FMCG, pharma, IT and media ended in green, while bank, auto, metal and reality closed in red. HUL and Sun Pharma were the top gainers while M&M and NTPC were the top losers in today session.
The key factors to look out for the next week are IIP, CPI data, coronavirus situation in the country and the US-China relationship.
The Sensex ended 199 points higher on Friday, propelled by strong gains in index-heavyweight Reliance Industries and positive cues from global markets. After rallying 645.13 points during the day, the 30-share index surrendered most gains to settle 199.32 points or 0.63 percent higher at 31,642.70.
The NSE Nifty rose 52.45 points, or 0.57 percent, to finish at 9,251.50.
Reliance Industries was the biggest contributor to the gains on the index, jumping over 3 percent after the company announced that US-based private equity firm Vista Equity Partners will buy 2.32 percent stake in Jio Platforms for Rs 11,367 crore.
Rupee closes higher
The rupee appreciated 18 paise to provisionally settle at 75.54 against the US dollar on Friday, tracking higher domestic equities and weakness in the American currency.
Forex traders said positive cues from domestic equities and significant foreign fund inflows supported the local unit.
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.
During the day, the domestic unit hit an intra-day high of 75.27 and a low of 75.59 against the US dollar.
On Wednesday, the rupee had settled at 75.72 against the US dollar.
Forex market was closed on Thursday on account of 'Buddha Purnima'.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.05 per cent down at 99.84.
--With inputs from agencies
The top gainers of BSE Sensex were IndusInd Bank, HCL Technologies, Kotak Bank, Bajaj Auto, and Tech Mahindra. While HDFC, Nestle India, Hindustan Unilever, and Tata Steel were the top losers
BSE MidCap rose by 323.16 points or 1.28 percent to end at 25,489.70 while BSE SmallCap gained 252.82 points to rise by 0.91 percent to 28,108.92
Sensex went up by 514.34 points to end at 59,005.27 while Nifty ended at 17,562.00 after a gain of 165.10 points.