Indian equity benchmarks snapped their two-day losing streak on Friday led by gains in HDFC, HDFC Bank, Hindustan Unilever, ICICI Bank, Asian Paints and Larsen & Toubro. The benchmarks staged a gap up opening on the back of strong global cues and extended gains in noon deals wherein the Sensex rose as much as 795 points and Nifty 50 index touched an intraday high of 14,573.
The Sensex ended 568 points or 1.17 per cent higher at 49,008 and Nifty 50 index climbed 182 points or 1.27 per cent to end at 14,507.
“Nifty staged a swift recovery from its near-term support around 14,300. Nifty is likely to trade in the range between 14,300-14,700, and it’s going to be crucial for the short-term to sustain above 14,300. Technical evidence is aligned to support the bullish case scenario. As such, the investors are advised to buy on intraday correction and look for exit around 14,700-14,750,” Ashis Biswas, head of technical research at CapitalVia Global Research told NDTV.
Buying was visible across sectors as all the 11 sector gauges compiled by the National Stock Exchange ended higher led by the Nifty Metal index’s 4 per cent gain. Nifty Bank, Auto, Financial Services, FMCG, PSU Bank, Private Bank and Realty indexes also ended over 1 per cent higher.
Mid- and small-cap shares also witnessed buying interest as Nifty Midcap 100 index 1.6 per cent and Nifty Smallcap 100 index rose 1.2 per cent.
Shares of Tata Group companies rallied after the Supreme Court backed the removal of Cyrus Mistry as the chairman of the over $100 billion salt-to-software Tata Sons in 2016 and set aside the company law tribunal order that had reinstated him. Tata Steel was top gainer among Tata Group companies, the stock rallied over 6 per cent.
On the primary market front, Kalyan Jewellers and Suryoday Small Finance Bank made weak market stock market debuts as both the stocks were listed at a discount of 15 per cent and 4 per cent each respectively.
Tata Steel was top Nifty gainer, the stock rose 5.89 per cent to close at Rs 766. Bajaj Finserv, Titan, Tata Motors, Asian Paints, Hindalco, GAIL India, Hindustan Unilever, Bharti Airtel, Bajaj Auto, Nestle India, HDFC Bank, HDFC, Tech Mahindra and Sun Pharma also closed higher between 2-4 per cent.
On the flipside, Power Grid, Eicher Motors, UPL, ITC, IndusInd Bank and Hero MotoCorp were among the notable losers.
The overall market breadth was positive as 1,657 shares ended higher while 1,297 ended lower on the BSE.