Market settled with strong gains following a recovery in global stocks. The barometer index, the S&P BSE Sensex, rose 385.84 points or 1.10% to 35,423.48, as per the provisional closing data. The Nifty 50 index rose 125.20 points or 1.18% to 10,714.30, as per the provisional closing data. Market sentiment across the globe was negative over the past few weeks on worries of escalating US-China trade war.
The market opened higher and firmed up further as the session advanced. After some range bound trading in mid-morning trade, benchmarks extended gains and hit fresh intraday high in late trade.
Among secondary barometers, the BSE Mid-Cap index rose 1.81%. The BSE Small-Cap index rose 1.92%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On BSE, 1837 shares rose and 749 shares fell. A total of 144 shares were unchanged.
Adani Ports and Special Economic Zone (up 3.31%), Bajaj Auto (up 3.22%), Yes Bank (up 3.20%), Larsen & Toubro (up 2.99%) and Reliance Industries (up 2.90%), were the major Sensex gainers.
Tata Steel rose 3.46%. Media reports suggested that Thyssenkrupp AG and Tata Steel are closing in on a European steel joint venture after a last-minute change to the deal terms that won approval from Thyssenkrupp's union. In the revised deal, Thyssenkrupp will reportedly own about 55% of the equity in the new company and Tata will have 45%. The changes happened after Thyssenkrupp's activist shareholders pressured management to squeeze better terms from the deal, which was originally a 50-50 split. The voting rights will be equally split. The talks over the joint venture have dragged on for more than a year and faced opposition from labour representatives, as well as activist shareholders. Thyssenkrupp's labour representatives said on Thursday they would vote in favour of the joint venture, paving the way for it to go through, reports added.
IndusInd Bank (down 1.57%), HDFC Bank (down 1.14%), Hero MotoCorp (down 1.11%), Mahindra & Mahindra (down 1.08%) and Sun Pharmaceutical Industries (down 0.4%), were the major Sensex losers.
More From This Section
Overseas, European stocks were trading higher, although underlying sentiment was fragile due to ongoing global trade frictions. Market focus is largely attuned to concerns over global trade, a week before initial US and Chinese tariffs are due to take effect.
Asian stocks were trading higher. Japan's industrial production decreased in May following three consecutive months of improvement, government data showed Friday. Industrial output fell 0.2% in May from a month earlier, following April's 0.5% gain, according to the Ministry of Economy, Trade and Industry.
US stocks recovered from earlier declines on Thursday to finish the session higher on the back of gains in banks and technology stocks.
The growth in the US economy in the first quarter was trimmed to 2% from 2.2%. Meanwhile, weekly jobless claims rose by 9,000 in the latest week.
Powered by Capital Market - Live News