Sensex, Nifty Extend gains with robust demand for metals, bank stocks

The BSE Sensex rose 355.06 points to 57,989.90. (File)


Stock benchmarks Sensex and Nifty overcame volatility to stay in the green for a second straight session on Friday on robust demand for metals, banking and financial stocks amid a steady trend in global equities.

Besides, strengthening of the rupee and lower prices of raw materials in international markets also affected the sentiment here, traders said.

In volatile trade, the 30-share BSE Sensex was up 355.06 points, or 0.62 percent, at 57,989.90. During the day, it made a high of 58,178.94 and a low of 57,503.90.

The broader NSE Nifty ended up 114.45 points, or 0.67 percent, at 17,100.05.

HCL Tech led the Sensex gainers chart with a gain of 3.58 percent, followed by UltraCement, Nestle India, Tata Steel, Kotak Bank, ICICI Bank, Bharti Airtel and HDFC twins.

In contrast, ITC, Maruti, NTPC, Asian Paints and Sun Pharma were among the major laggards, falling to 1.51 percent.

In the broader market, the BSE mid-cap index rose 0.29 percent, while the smallcap index gained 0.69 percent.

Markets were volatile and moved in a positive direction as investors resorted to buying options. European indices and other Asian peers posted significant gains, much to the delight of local traders.

Elsewhere in Asia, stock markets in Shanghai, Tokyo, Seoul and Hong Kong posted gains.

Stocks in Europe traded in the green in mid-session deals. Wall Street’s major indexes closed in positive territory in overnight trade.

At the same time, the price of international Brent oil rose by 1.16 percent and amounted to 75.57 dollars per barrel.

On Friday, the rupee gained 18 paise to 82.58 against the US dollar.

India’s banking system is not expected to be affected by Credit Suisse’s troubles as it has a very small presence in the country, analysts said.

Although Credit Suisse is more involved in the Indian financial system than Silicon Valley Bank (SVB), it has very limited operations, according to a Jefferies India report.

Foreign institutional investors (FIIs) issued shares worth a net worth of Rs 282.06 crore on Thursday, stock exchange data showed.

(Except for the headline, this story was not edited by NDTV staff and was published on a syndicated channel.)

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