Sensex spurts 264 pts; FMCG, metal stocks rally
Equity benchmark BSE Sensex advanced 264 points on Friday, propelled by gains in index heavyweights HDFC, ICICI Bank, HUL and ITC amid positive cues from the global markets.
After gyrating 568 points during the day, the 30-share Sensex ended 263.86 points or 0.71 per cent, higher at 37,332.79. It hit an intra-day high of 37,397.97 and a low of 36,829.81.
Similarly, the broader NSE Nifty rose 74.95 points, or 0.68 per cent, to close at 11,023.25.
Top gainers in the Sensex pack included Yes Bank, Sun Pharma, IndusInd Bank, Tata Steel, HUL, Vedanta, Tata Motors, ICICI Bank, ITC, HDFC and Bajaj Auto, that rose up to 3.75 per cent.
On the other hand, PowerGrid, ONGC, HCL Tech, Kotak Bank, L&T, NTPC, SBI and Asian Paints fell up to 2.12 per cent.
According to Sanjeev Zarbade, VP PCG Research, Kotak Securities, the market turned somewhat hopeful on incremental policy support from the government and as stakeholders kindled new hope in de-escalating US-China trade tensions.
Investors were also awaiting the official estimate of GDP growth for Q1 FY20.
Meanwhile, the Reserve Bank of India on Thursday played down deepening slowdown as just "soft patch mutating into a cyclical downswing".
In the annual report for FY19, the central bank conceded that diagnosing the exact problems was "difficult", but reiterated that the issues were not structural in nature.
Market sentiment also turned positive tracking firm cues from global markets, traders said.
Elsewhere in Asia, Hang Seng, Kospi and Nikkei settled on a positive note, while the Shanghai Composite Index ended marginally lower.
Equities in Europe were trading higher in their respective early sessions.
Meanwhile, the Indian rupee appreciated 25 paise to 71.55 against the US dollar intra-day.
Brent crude futures, the global oil benchmark, slipped 0.17 per cent to USD 60.39 per barrel.
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