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Sensex ends 93 pts up on earnings lift, fund inflows

The indices moved between gains and losses till late afternoon, but saw emergence of buying on string of positive earning results

Sensex ends 93 pts up on earnings lift, fund inflows

Press Trust of India Mumbai
Extending its consolidation phase, the Sensex on Friday recovered 93 points on selective buying by retail investors and sustained foreign inflows even as Asia ended weak, tracking a pullback in US markets from record highs.

The market opened positive on overnight earning numbers of FMCG major ITC, while subdued Asian cues weighed on trading momentum after Bank of Japan (BoJ) chief Haruhiko Kuroda's comments dashed hopes for so-called 'helicopter money'.

The indices moved between gains and losses till late afternoon, but saw emergence of buying on string of positive earning results and reports that Rajya Sabha will take up the GST Bill for discussion next week.

Besides, encouraging first quarter earning numbers by some bluechips buoyed trading sentiment.

However for the week, markets turned lower with Sensex and Nifty down 33.26 points and 0.20 points, respectively.

On the day, Biocon climbed 15.28 per cent to Rs 808.70 after the firm posted 17 per cent rise in net profit for the first quarter, while Cairn India ended 8.72 per cent up at Rs 192 after hitting a fresh 52-week high of Rs 198.40.

"Neither weak Asian markets nor Europe through the day failed to drag Indian stocks lower as a week long consolidation had already brought several stocks to lower levels, attracting value-buying and short covering," said Anand James Chief Market Strategist Geojit BNP Paribas FS.

The Sensex opened a shade higher at 27,721.72 and advanced to hit a high of 27,832.45, before settling at 27,803.24, a gain of 92.72 points or 0.33 per cent.

Sensex ends 93 pts up on earnings lift, fund inflows
 
The 50-share NSE Nifty after hovering between 8,548.95 and 8,489.80, settled higher at 8,541.20, recording a gain of 31.10 points or 0.37 per cent.

Mortgage lender HDFC rose 1.78 per cent to Rs 1,355.65 on plans to raise Rs 2,000 crore via non-convertible debentures on a private placement basis.

Elsewhere, Japan's Nikkei ended 1.09 per cent down, while Hong Kong's Hang Seng shed 0.16 per cent. Shanghai composite index lower by 0.86 per cent.

Besides, Europe was trading higher with London's FTSE rising 0.26 per cent, Paris up 0.41 per cent and Frankfurt 0.14 per cent in the green.

The US stocks snapped a nine-day string of gains, as a hot equity market cooled ahead of key central bank meets.

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First Published: Jul 22 2016 | 10:41 PM IST

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