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Sensex rebounds 145 points to close at 36,496.37, Nifty ends above 11,000; IT and pharma stocks lead gains

Mumbai: The Sensex rebounded over 145 points while the broader NSE Nifty settled above the 11,000-mark on Friday, driven by a spurt in IT and pharma counters.

Investors looked beyond the no-confidence motion against the government in the Lok Sabha and accumulated fresh positions, brokers said.

A recovery in the rupee from its record low also supported the bounce back, they added.

The 30-share Sensex, after opening on a strong footing, continued its upward march to hit a high of 36,567.34 on value-buying in recent losers. It lost some ground on profit-booking, before finally ending 145.14 points, or 0.40 percent higher at 36,496.37.

The NSE Nifty, after touching a high of 11,030.25, ended 53.10 points, or 0.48 percent higher at 11,010.20.

However, the benchmarks logged their first weekly loss in three weeks. The Sensex fell by 45.26 points or 0.12 percent, while the Nifty lost 8.70 points, or 0.08 percent, during the period.

 Sensex rebounds 145 points to close at 36,496.37, Nifty ends above 11,000; IT and pharma stocks lead gains

Representational image. Reuters.

Meanwhile, domestic institutional investors (DIIs) bought shares worth a net of Rs 470.02 crore on Thursday, while foreign portfolio investors (FPIs) sold equities to the tune of Rs 315.69 crore, as per stock exchanges' data.

"Market recouped yesterday's losses supported by a recovery in rupee and continuing positive momentum in IT and pharma stocks.

"Additionally, no-confidence motion in parliament has not disrupted the market as investors remain focused on earnings and global cues. Earnings season will pick up pace in the coming weeks. On a consensus basis, the market is expecting 14.7 percent earnings growth for Nifty50 index stocks," said Vinod Nair, Head of Research, Geojit Financial Services.

Sun Pharma was the biggest gainer in the Sensex pack, spurting 2.72 percent, followed by Infosys at 2.42 percent.

Other major gainers were Reliance Industries, which jumped 2.23 percent to a new lifetime record closing high of Rs 1,128.55, ICICI Bank 1.84 percent, Axis Bank 1.36 percent, L&T 1.10 percent, Tata Steel 0.74 percent, TCS 0.73 percent, and IndusInd Bank 0.70 percent, among others.

However, Bajaj Auto topped the losers' list by plunging 8.73 percent after lower-than-expected quarterly results.

Vedanta fell 2.74 percent, Hero MotoCorp 2.22 percent, ONGC 2.20 percent, Kotak Bank 1.24 percent, Yes Bank 1.07 percent, Wipro 0.77 percent, HDFC 0.71 percent, Power Grid 0.59 percent and Asian Paints 0.18 percent.

In sectoral terms, the BSE IT index rose 1.51 percent, followed by teck 1.38 percent, capital goods 0.94 percent, realty 0.82 percent, consumer durables 0.67 percent, power 0.34 percent, bankex 0.32 percent and FMCG 0.19 percent.

The broader markets too staged a mild recovery, with the BSE mid-cap index rising 0.73 percent and the small-cap gauge ending 0.41 percent higher.

Asian cues were mixed amid signs of intervention from Chinese authorities looking to stem the yuan's weakness.

Shanghai Composite Index rose 2.05 percent, Hong Kong's Hang Seng gained 0.76 percent, while Japan's Nikkei shed 0.29 percent.

In the Eurozone, Frankfurt's DAX inched up 0.02 percent, while Paris CAC 40 rose 0.02 percent in late morning trade. London's FTSE was up 0.25 percent.

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Updated Date: Jul 20, 2018 19:24:00 IST