Mumbai, Broadly positive global markets, influx of foreign funds and healthy macro-economic trade data lifted the key Indian equity indices on Friday.
In addition, the risk taking appetite of investors was enhanced a day after credit rating agency Fitch affirmed India’s ‘Long-Term Foreign-Currency Issuer Default Rating’ (IDR) at ‘BBB-‘ with a stable outlook along with low crude oil prices and a slight recovery in the rupee.
On a sector-specific basis, healthy buying was witnessed in telecom, healthcare and energy stocks while scrips of banking companies came under selling pressure.
Index-wise, the S&P BSE Sensex closed 196.62 points up at 35,457.16 points. It had opened at 35,398.70 from its previous close of 35,260.54.
It touched an intra-day high of 35,545.85 and a low of 35,324.37.
The NSE Nifty50 closed 65.50 points higher or 0.62 per cent at 10,682.20 points.
“Market was range bound with a positive bias amid strong rupee and inflow of foreign funds,” said Geojit Financial Services’ Head of Research Vinod Nair.
“While investors are looking for major triggers for a decisive up move above 10700 level, stability in INR and oil prices will provide direction to the market despite election led uncertainty.”
According to HDFC Securities’ Retail Research Head, Deepak Jasani: “Technically, the short-term trend of Nifty has turned positive from sideways. Next upside levels to be watched are 10,755 points and 10,843 points in the next 1-2 weeks. Immediate support is now placed at 10,607 points.”
In terms of currency, the Indian rupee closed at Rs 71.92 per US dollar from its previous close of 71.98.
Investment-wise, provisional data with the exchanges showed that foreign institutional investors bought stocks worth Rs 844.82 crore on Friday while the domestic institutional investors sold scrip worth Rs 372.24 crore.
The top gainers on the Sensex were led by Bharti Airtel, up 9.81 per cent at Rs 333.60; Reliance Industries, up 2.79 per cent at Rs 1,127.50; HDFC, up 1.91 per cent at Rs 1,887.55; SBI, up 1.75 per cent at Rs 290.30; and Hero MotoCorp, up 1.28 per cent at Rs 283.70 a share.
The laggards were Yes Bank, down 7.14 per cent at Rs 191.30; Tata Steel, down 2.47 per cent at Rs 574.10; Maruti Suzuki, down 2.02 per cent at Rs 7,332.05; ONGC, down 1.48 per cent at Rs 156.55, and Axis Bank down 1.17 per cent at Rs 618.30 per share.