Sensex up 303 pts, Nifty tops 16,200; banks, FMCG shine; metals sole losers

CLOSING BELL: L&T, PowerGrid, NTPC, ICICI Bank, DR Reddy's Labs, Axis Bank, Bharti Airtel, and Nestle India were the top large-cap gainers

CLOSING BELL

Stock market highlights: Benchmark indices exhibited range-bound trade on Friday as lack of fresh triggers kept indices directionless. The S&P BSE Sensex remained within a narrow range of 348 points, while the Nifty50 travelled 118 points during the day. 

By close, the 30-pack index settled at 54,482 levels, up 303 points or 0.56 per cent. The Nifty50, meanwhile, shut shop with gains of 88 points, or 0.54 per cent, at 16,221. In the broader market, the BSE MidCap and SmallCap indices added 0.2 per cent each. 

L&T, PowerGrid, NTPC, ICICI Bank, DR Reddy's Labs, Axis Bank, Bharti Airtel, and Nestle India were the top large-cap gainers, while M&M Financial Services, Oil India, SRF, Trent, Uttam Sugar, RateGain, and GR Infra surged in the broader market.

On the flipside, Tata Steel, IndusInd Bank, Maruti Suzuki, TCS, Crisil, Ashok Leyland, MFSL, RBL Bank, Ajmera Realty, PSP Projects, and Vakrangee were the top laggards across segments.

Among sectors, the Nifty Metal index was the sole loser, down 0.8 per cent. The Nifty Bank and FMCG indices, meanhile, were the outperformers, up 0.5 per cent each. 

Global markets

European markets were mixed on Friday with the pan-European Stoxx 600 hovering 0.2 per cent above the flatline. US stock futures were slightly lower in early premarket trade, following a rally on Wall Street during the previous session.

Shares in Asia-Pacific closed mostly higher, but Japanese stocks gave back some earlier gains and the yen rose on news that former Japanese Prime Minister Shinzo Abe has died.

4:06 PM

Nifty tech view: Short term texture positive but slightly overbought

Positive momentum continued in the markets as investors are buying selectively with caution and not going overboard.

Most of the negative news has the potential to make a comeback anytime and could trigger a broader sell-off in the markets.

Technically, on weekly charts the Nifty has formed a long bullish candle and has also surpassed the short term resistance of 16,000.

In the short term now, 16,000 and the 50 day SMA (simple moving average) would be the key support levels to watch out for.

The short term texture of the market is positive but slightly overbought.

Hence, strong possibility of range bound activity is not ruled out in the near future. On the higher side, 16,300 and 16,450 would be the key resistance zone whereas 16,100 and 16,000 could be the sacrosanct support levels for the market.

Views by Amol Athawale, Deputy Vice President - Technical Research, Kotak Securities

4:03 PM

Closing view: Current rally can fizzle as global economy still at risk

The Indian rally got stronger as crude prices corrected halving FIIs selling when compared to last week.

However, this rally can fizzle out as correction in commodities prices & tightening monetary policy are negative for global economy, limiting earnings growth & valuation expansion.

Q1 earnings season will be the prime focus of the market, in the near-term.

Views by Vinod Nair, Head of Research at Geojit Financial Services.

4:01 PM

Rupee closes 12 paise weaker at 79.25/$

3:59 PM

LIC gains 1.4%; 0.42 mln shares worth Rs 30 crores exchanged in block deal

 

3:57 PM

Sugar stocks surge on report govt allows additional 15 days to export 8,00,000 tn sugar

 

3:54 PM

Adani Enterprises lowest bidder for short-term tender of 2.42MT: Reports

 

3:50 PM

J Kumar Infra soars 5%; Abakkus Growth Fund buys 2.6% stake in Q1

 

3:48 PM

Metals, Realty sole sector underperformers; banks gain most

 

3:46 PM

Broader markets also close higher with tepid gains

 

3:44 PM

Nifty losers: Hindalco, ONGC, HDFC Life additional top drags

 

3:43 PM

Nifty winners: L&T, Power Grid, NTPC lead gains

 

3:41 PM

Sensex Heatmap: Only 9 stocks close with cuts led by Tata Steel, Maruti

 

3:38 PM

Closing Bell: Nifty ends above 16,200; 32 of 50 shares close in green

 

3:35 PM

Closing Bell: Sensex closes 300 pts higher; rises for 3rd straight day

 

3:30 PM

Sobha extends rally on strong Q1 operational update; zooms 25% in four days

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