Shares jumped for the sixth straight session on Friday, as global investor sentiment was high after the UK and European Union’s Brexit deal, and on hopes of a positive quarterly earnings season in the domestic market.
— CNBC-TV18 (@CNBCTV18Live) October 18, 2019
The 30-share BSE Sensex ended 246.32 points, or 0.63 percent, higher at 39,298.38. It hit an intra-day high of 39,361.06 and a low of 38,963.60.
The broader NSE Nifty too spurted 75.50 points, or 0.65 percent, to settle at 11,661.85.
Yes Bank was the top gainer in the Sensex pack, rallying up to 8.44 percent, followed by Maruti, PowerGrid, NTPC, L&T and SBI.
Shares of Reliance Industries (RIL) ended 1.37 percent higher ahead of its quarterly earnings, scheduled to be announced later in the day.
On the other hand, Tata Motors, Bajaj Auto, Bharti Airtel, ICICI Bank, Axis Bank and Infosys fell up to 1.05 percent.
"Indian equities outperformed major global markets for the week. Equity markets witnessed a sharp rally on foreign investor buying, progress in US-China trade talks and as well as a deal being reached between UK and EU on Brexit," said Sanjeev Zarbade, VP PCG research, Kotak Securities.
Investor sentiment is upbeat after Finance Minister Nirmala Sitharaman hinted at further stimulus in FY20, they said.
All sectoral indices at the NSE were in the positive zone except for Nifty media, which dropped by one per cent.
Nifty realty gained by 1.9 percent, metal by 1.8 percent and pharma by nearly 1 percent, reported ANI.
Among stocks, Indiabulls Housing Finance closed with a gain of 17.42 percent at Rs 231.50 on BSE after the company offered pre-mature redemption of all non-convertible debentures (NCDs) maturing in November and December.
Private lender Yes Bank was up by 8.2 percent, Coal India by 3.3 percent, Adani Ports by 3.2 percent and Maruti by 3.1 percent.
The other prominent gainers were Grasim, Nestle India, Power Grid Corporation, Larsen & Toubro, Bharat Petroleum Corporation and Titan.
However, those which lost were Zee Entertainment, Tata Motors, Cipla, Eicher Motors and Hindalco.
Elsewhere in Asia, bourses in Shanghai, Hong Kong and Seoul ended on a negative note after data showed that Chinese economy expanded at its slowest pace in nearly three decades in the third quarter. Exchanges in Tokyo, however, settled in the green.
The September-quarter earnings season began on a mixed note with some large-cap companies beating estimates and others reporting below-par results, reported Reuters.
However, investors were hopeful that last month’s government move to cut corporate taxes will result in a positive earnings season as large-cap companies such as Hindustan Unilever already reported better-than-expected results riding on the lower rates.
“There are positives in many sectors and there are possibilities of near-term optimism due to the earnings so far and the global sentiment,” said Vinod Nair, head of research at Geojit Financial Services.
“The news coming in is that it’s getting positive and positive,” he said.
Battered mid-cap and small-cap shares surged as both the Nifty midcap index and the Nifty smallcap index rose between 1 percent and 1.5 percent.
Equites in Europe were trading on a mixed note in their respective early deals.
Meanwhile, the Indian rupee appreciated marginally to 71.13 against the US dollar intra-day.
Brent crude futures, the global oil benchmark, rose 0.12 percent to $59.98 per barrel.
— With inputs from agencies
Updated Date: Oct 18, 2019 17:14:25 IST