Sensex soars 257 points in see-saw trade, Nifty closes above 10,800; pharma, telecom, banking shares gain

Both the Sensex and Nifty posted their fifth straight weekly gains

Press Trust of India June 22, 2018 18:46:23 IST
Sensex soars 257 points in see-saw trade, Nifty closes above 10,800; pharma, telecom, banking shares gain

Mumbai: Benchmarks weathered volatility to end sharply higher on Friday, propelled by a late-session surge as investors snapped up healthcare, telecom and financials stocks amid mixed global cues.

The BSE Sensex, which was trading flat with a negative bias for the major part of the day, spurted 257.21 points or 0.73 percent to finish at 35,689.60.

The broader NSE Nifty, after shuttling between 10,710.45 and 10,837, ended at 10,821.85 -- up 80.75 points or 0.75 percent.

Sentiment was buoyed after data showed that foreign portfolio investors (FPIs), who had been net sellers for the past several sessions, were back to buying mode on the domestic bourses.

FPIs bought shares worth a net Rs 1,126.75 crore, while domestic institutional investors (DIIs) picked up equities to the tune of Rs 663.57 crore on Thursday, provisional data showed.

Both the Sensex and Nifty posted their fifth straight weekly gains, rising 67.46 points, or 0.19 percent, and 4.15 points, or 0.04 percent, respectively.

Sensex soars 257 points in seesaw trade Nifty closes above 10800 pharma telecom banking shares gain

Representational image. Reuters.

On the global front, all eyes were on a crucial OPEC meet amid indications the oil cartel may agree to a production increase.

"Market recouped Thursday's loses led by outperformance by pharma and banking stocks while appreciation in rupee also gave a positive sentiment to the broad market.

"Oil price rose despite OPEC proposal to increase output by 1 mbpd. Investors may like to have a closer view on oil due to global risk. Trade tension and faster pace of tightening by Fed may refrain the market from a decisive uptick," said Vinod Nair, Head of Research, Geojit Financial Services.

Sun Pharma stole the show in the Sensex pack, spurting 3.91 percent, followed by M&M at 2.87 percent.

Others prominent gainers included HDFC 2.54 percent, Axis Bank 2.22 percent, SBI 1.69 percent, ITC Ltd 1.67 percent, Asian Paints 1.54 percent, Bharti Airtel 1.53 percent, ICICI Bank 1.33 percent, NTPC 1.26 percent, HDFC Bank 1.22 percent and HUL 0.87 percent.

Reliance Industries, which made fresh closing highs for the past few sessions, succumbed to profit-booking, sliding 1.94 percent.

Sectorally, the BSE healthcare index jumped 1.31 percent, telecom 1.31 percent, bankex 1.01 percent, power 0.90 percent, FMCG 0.81 percent, PSU 0.50 percent, auto 0.49 percent,
infrastructure 0.46 percent, consumer durables 0.45 percent, metal 0.23 percent, capital goods 0.18 percent and teck 0.14 percent.

In the broader market, the BSE mid-cap index rose 0.46 percent while the small-cap gauge inched up 0.07 percent.

Global markets displayed a mixed picture.

In Asia, Shanghai Composite Index rose 0.49 percent and Hong Kong's Hang Seng rose 0.15 percent, while Japan's Nikkei shed 0.78 percent.

In Europe, Frankfurt's DAX rose 0.40 percent and Paris CAC 40 was up 0.74 percent in early deals. London's FTSE too climbed 0.71 percent.

Updated Date:

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