The domestic equity market bounced back strongly on Friday, recovering from a brutal selloff in the previous session, after European and Asian shares staged a smart recovery.
The Sensex rose 732.43 points or 2.15% to settle at 34,733.58. The index rose 807.27 points, or 2.37% at the day's high of 34,808.42. The index rose 278.63 points, or 0.82% at the day's low of 34,279.78.
The Nifty 50 index rose 237.85 points or 2.32% to settle at 10,472.50. The index rose 257.80 points, or 2.52% at the day's high of 10,492.45. The index rose 87.50 points, or 0.85% at the day's low of 10,322.15.
Among secondary barometers, the BSE Mid-Cap index rose 2.42%. The BSE Small-Cap index rose 2.60%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On BSE, 2041 shares rose and 632 shares fell. A total of 145 shares were unchanged.
Among the sectoral indices on BSE, the S&P BSE Auto index (up 4.01%), the S&P BSE Metal index (up 3.83%), the S&P BSE Realty index (up 3.53%), the S&P BSE Consumer Discretionary Goods & Services index (up 3.41%), the S&P BSE Energy index (up 3.39%), the S&P BSE Basic Materials index (up 3.26%), the S&P BSE Oil & Gas index (up 3.08%), the S&P BSE Utilities index (up 2.80%), the S&P BSE FMCG index (up 2.77%), the S&P BSE Power index (up 2.73%), the S&P BSE Finance index (up 2.61%), the S&P BSE Bankex (up 2.44%), the S&P BSE Consumer Durables index (up 2.33%) and the S&P BSE Telecom index (up 2.28%), outperformed the Sensex. The S&P BSE Industrials index (up 1.96%), the S&P BSE Capital Goods index (up 1.42%), the S&P BSE Healthcare index (up 0.73%), the S&P BSE Teck index (down 0.5%) and the S&P BSE IT index (down 0.79%), underperformed the Sensex.
IT major TCS lost 3.10% after the company declared its Q2 result after market hours yesterday, 11 October 2018. TCS' consolidated net profit rose 7.67% to Rs 7927 crore on 5.91% rise in total income to Rs 37584 crore in Q2 September 2018 over Q1 June 2018. The company's board of directors declared a second interim dividend of Rs 4 per share.
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Commenting on the Q2 performance, Rajesh Gopinathan, CEO and MD, said revenue growth was driven by expanding demand for digital transformation across verticals, and continued acceleration in BFSI and Retail.
FMCG major Hindustan Unilever (HUL) rose 2.63%. The company's net profit rose 19.51% to Rs 1525 crore on 12.05% increase in total income to Rs 9539 crore in Q2 September 2018 over Q2 September 2017. Earnings before interest, tax, depreciation and amortization (EBITDA) at Rs 2019 crore was up by 20%. HUL said that its well-established savings programme and leverage in other expenses enabled it to mitigate material inflation and drive margin improvement. The result was announced after market hours today, 12 October 2018.
Auto stocks were in demand. Eicher Motors (up 7.47%), Escorts (up 6.15%), Maruti Suzuki India (up 5.89%), Mahindra & Mahindra (up 5.29%), Bajaj Auto (up 4.35%), Ashok Leyland (up 3.81%), TVS Motor Company (up 3.05%), Hero MotoCorp (up 0.91%) and Tata Motors (up 0.36%), edged higher.
In the foreign exchange market, the rupee strengthened against the dollar. The partially convertible rupee was hovering at 73.665, compared with its close of 74.1275 during the previous trading session.
In the global commodities markets, Brent for December 2018 settlement was up 61 cents at $80.87 a barrel. The contract had fallen $2.83 a barrel or 3.41% to settle at $80.26 a barrel during the previous trading session.
Overseas, European stocks bounced back, with global sentiment turning more positive after two sessions of sharp losses. In Europe, Italy and the UK remain in the spotlight in terms of political news. While excessive spending concerns continue to weigh on Italy's government, the pressure to strike a European Union withdrawal deal is a big challenge for Britain.
Asia stocks rose on Friday, holding steady after a nine-day losing streak, but sentiment was frail after Wall Street shares crumbled and expectations of market volatility shot up to an eight-month high. Worries about the economic impact of a Sino-US trade war, a spike in US bond yields this week and caution ahead of earnings seasons are all cited as potential reasons behind the selloff, the biggest market rout since February.
US stocks extended losses to finish lower Thursday, as investors continued to fret over rising bond yields and the prospect of higher interest rates.
In the latest US economic data, jobless claims rose by 7,000 in the latest week, although they remain near multi-decade lows. Separately, the consumer-price index rose 0.1% in September. Core CPI, which excludes food and energy, rose at the same pace.
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