 "Markets rebound from 20-month closing lows; Nifty ends above 7,400")
Markets ended 2% higher on Friday tracking a rally in global stocks amid a rebound in global crude oil prices and expectations of further stimulus measures from the European Central Bank.
The S&P BSE Sensex ended up 473 points at 24,436 and the Nifty50 closed 146 points higher at 7,422.
In the broader market, BSE Midcap index ended up 1.9% and Smallcap index gained 2.2%. Market breadth ended strong with 2054 gainers and 603 losers on the BSE.
Meanwhile, foreign institutional investors were net sellers to the tune of Rs 1,747 crore on Thursday, as per provisional data.
Global crude oil benchmarks, the NYMEX and Brent crude rebounded in today's trade as cold weather conditions in the US and Europe lifted demand. Both the benchmarks were trading over $30 a barrel.
SECTORS & STOCKS
All sectoral indices ended in the green led by BSE Metal and Auto indices.
Beaten down bank shares witnessed a rebound on value buying at lower levels. ICICI Bank, Axis Bank, SBI and HDFC Bank ended up 0.8%-4.8% each.
Index heavyweight Reliance Industries ended up nearly 2%. Reports suggest that Reliance Industries is planning to begin production from its coal-bed methane (CBM) blocks in the next three months.
L&T ended up 3.8% after the company said that a consortium of L&T and Sojitz Corp., Japan has won a major order worth Rs 1,213 crore from the Dedicated Freight Corridor Corporation of India Ltd.
ITC ended down nearly 1%. The FMCG major's third quarter net profit was lower at Rs 2,652 crore against expectations of Rs 2,733 while revenues were also lower at Rs 9,177 crore compared with expectations of Rs 9,543 crore.
ONGC ended up 4.5% tracking a rebound in global crude oil prices while Cairn India gained nearly 2%.
In the commodity space, metal stocks also rebounded with Tata Steel, Hindalco and Jindal Steel gained over 5% each.
Auto stocks also rebounded after the recent correction led by Maruti Suzuki and M&M which gained over 5% each while Tata Motors ended up 3.2%.
Among other shares, Idea Cellular ended down 6.2% after the company lower-than-expected earnings. The company reported a 0.4 per cent year-on-year decline in its December quarter consolidated net profit at Rs 764.2 crore. This was lower than the Bloomberg consensus estimates of Rs 796 crore.
Interglobe Aviation which operates the Indigo airline plunged 20% post its third quarter earnings. Reports suggest that the relatively poor performance in the nine month numbers and delay in aircraft delivery has resulted in analysts lowering their estimates and price target.
Can Fin Homes jumped 12.5% after the company reported 63% year on year (yoy) growth in net profit at Rs 42.18 crore for the third quarter ended December 2015 (Q3FY16), on the back of strong operational income.
L&T Finance Holdings, financial services arm of engineering firm L&T, ended up 3% after the company today posted a 16.7% increase in net profit to Rs 211.96 crore during the third quarter ended December 31.
GLOBAL STOCKS
Asian markets ended higher after the ECB signaled stimulus hopes while firming up of global crude oil prices also boosted sentiment. The Nikkei ended up 5.6% on the back of a weaker yen while the Shanghai Composite ended up 1.2%. Among others in the region, Hong Kong's Hang Seng ended up 2.8% while Straits Times ended up 1.7%.
European shares also rallied led by energy and mining stocks after sharp rebound in crude oil prices and expectations of a stimulus by the European Cenral Bank. The CAC, DAX and FTSE were up 1.8%-2.8% each.
The S&P BSE Sensex ended up 473 points at 24,436 and the Nifty50 closed 146 points higher at 7,422.
In the broader market, BSE Midcap index ended up 1.9% and Smallcap index gained 2.2%. Market breadth ended strong with 2054 gainers and 603 losers on the BSE.
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"Markets rebounded partly on account of shortcovering after the sharp fall in the previous sessions tracking gains in global markets amid rebound in crude oil prices and soothing statement from ECB President Mario Draghi," said Mayuresh Joshi, Fund Manager, Angel Broking.
Meanwhile, foreign institutional investors were net sellers to the tune of Rs 1,747 crore on Thursday, as per provisional data.
Global crude oil benchmarks, the NYMEX and Brent crude rebounded in today's trade as cold weather conditions in the US and Europe lifted demand. Both the benchmarks were trading over $30 a barrel.
SECTORS & STOCKS
All sectoral indices ended in the green led by BSE Metal and Auto indices.
Beaten down bank shares witnessed a rebound on value buying at lower levels. ICICI Bank, Axis Bank, SBI and HDFC Bank ended up 0.8%-4.8% each.
Index heavyweight Reliance Industries ended up nearly 2%. Reports suggest that Reliance Industries is planning to begin production from its coal-bed methane (CBM) blocks in the next three months.
L&T ended up 3.8% after the company said that a consortium of L&T and Sojitz Corp., Japan has won a major order worth Rs 1,213 crore from the Dedicated Freight Corridor Corporation of India Ltd.
ITC ended down nearly 1%. The FMCG major's third quarter net profit was lower at Rs 2,652 crore against expectations of Rs 2,733 while revenues were also lower at Rs 9,177 crore compared with expectations of Rs 9,543 crore.
ONGC ended up 4.5% tracking a rebound in global crude oil prices while Cairn India gained nearly 2%.
In the commodity space, metal stocks also rebounded with Tata Steel, Hindalco and Jindal Steel gained over 5% each.
Auto stocks also rebounded after the recent correction led by Maruti Suzuki and M&M which gained over 5% each while Tata Motors ended up 3.2%.
Among other shares, Idea Cellular ended down 6.2% after the company lower-than-expected earnings. The company reported a 0.4 per cent year-on-year decline in its December quarter consolidated net profit at Rs 764.2 crore. This was lower than the Bloomberg consensus estimates of Rs 796 crore.
Interglobe Aviation which operates the Indigo airline plunged 20% post its third quarter earnings. Reports suggest that the relatively poor performance in the nine month numbers and delay in aircraft delivery has resulted in analysts lowering their estimates and price target.
Can Fin Homes jumped 12.5% after the company reported 63% year on year (yoy) growth in net profit at Rs 42.18 crore for the third quarter ended December 2015 (Q3FY16), on the back of strong operational income.
L&T Finance Holdings, financial services arm of engineering firm L&T, ended up 3% after the company today posted a 16.7% increase in net profit to Rs 211.96 crore during the third quarter ended December 31.
GLOBAL STOCKS
Asian markets ended higher after the ECB signaled stimulus hopes while firming up of global crude oil prices also boosted sentiment. The Nikkei ended up 5.6% on the back of a weaker yen while the Shanghai Composite ended up 1.2%. Among others in the region, Hong Kong's Hang Seng ended up 2.8% while Straits Times ended up 1.7%.
European shares also rallied led by energy and mining stocks after sharp rebound in crude oil prices and expectations of a stimulus by the European Cenral Bank. The CAC, DAX and FTSE were up 1.8%-2.8% each.