No hawkish comments by the RBI at its bi-monthly policy meeting and assurance to support growth bolstered the stock market bulls on Friday, thus ending the eventful week on a firm footing. The central bank also retained the GDP growth forecast at 9.5 per cent for the on-going fiscal year and revised CPI inflation projection downward to 5.3 per cent which further supported sentiment.
That said, hopes of a strong show by IT bellwether TCS spilled over to other stocks in the pack, aiding market momentum. Overall, the BSE Sensex closed the session above the 60,000 mark after an eight-day hiatus at 60,059, up 381 points. Meanwhile, Nifty50 settled the day 105 points higher at 17,895. The majority of the stocks in both indices closed in the red, with RIL and IT stocks contributing to the gains.
In the broader markets, the BSE Smallcap with a gain of 0.83 per cent outperformed benchmark Sensex while BSE Midcap lagged as it added 0.15 per cent.
Sectorally, IT stocks were on a firm footing. The index added 1.96 per cent. PSU Bank index followed suit with 1.65 per cent gains. Metals, Media and Auto were among other top gainers. On the other hand, Nifty Realty tanked over 2 per cent and was the worst loser. FMCG, pharma and financial services were the only other losers in the sectoral landscape on NSE.
In stock-specific action. RIL shares stole the show as the stock rallied nearly 4 per cent, with its market cap at nearly Rs 18 trillion. The stock hit a new high of Rs 2,683.90 on BSE.
The second-most valuable firm TCS also hit a new high in trade today. It hit new peak of Rs 3990 ahead of the earnings announcement on hopes of a strong show.
Rakesh Jhunjhunwala-backed Nazara Tech, meanwhile, rallied for the seventh straight day, with stock crossing Rs 3,000 mark. The stock closed 15 per cent higher. With this, Jhunjhunwala's holding in the company swelled past Rs 1,000 crore. On Wednesday the company board had approved preferential allotment of fresh equity to raise Rs 315.30 crore.
On the flip side, shares of Piramal Enterprises tanked 5 per cent on profit booking after the company's board approved the demerger of the pharmaceuticals business and simplification of the corporate structure.
Now, going into trade next week, Q2 earnings, macro data and global cues will dictate market trajectory. Nearly 50 companies are slated to post their earnings next week, including largecap names like Infosys, Wipro, HDFC Bank, Avenue Supermarts and HCL Tech. Further, on the macro front, industrial production data for September along with CPI and WPI inflation figures are also slated to be out.
Lastly, the shares of AB Sun Life AMC will be up for listing next week. The IPO had received a decent response from investors, with over 5 times subscription. Apart from these, oil price moves, rupee's trajectory and FII flows will can also sway market mood.
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