Despite a hiccup on Thursday, the markets showed a positive response on Friday as the Benchmark S&P BSE Sensex gained 22.32 points or 0.06 per cent to close at 35,622.14. The NSE Nifty 50 also gained 9.65 points or 0.09 per cent to close at 10,817.70.
After falling over 139 points on Thursday, the Sensex ended on the positive side on Friday. Nifty was saved by a late rally in the IT stocks which enabled it to gain about 63 points from the day’s low of 10,755 to close at about 10,818, with a total gain of 9.65 points in contrast to the previous day. This late rally, coming after a gap of two days’ back-to-back losses, augurs well for the next week where a green open awaits the Nifty.
An announcement by TCS that it would buy back up to Rs 16,000 crore worth of shares created a flutter amongst the IT stocks, putting pressure on stable mate Infosys to rise 3.7 per cent in anticipation, said VK Sharma, Head Private Client Group & Capital Market Strategy at HDFC Securities.
Dr Reddy’s Laboratories led the gainers list in BSE by 4.38 per cent, followed by Infosys (3.37 per cent), TCS (2.75 per cent), Sun Pharma (2.04 per cent) and HUL (0.74 per cent), while SBI, ONGC, Yes Bank, Coal India and NTPC were the top losers with losses of 1.82 per cent, 1.81 per cent, 1.75 per cent, 1.71 per cent and 1.45 per cent, respectively.
The pharma index showed a continuous hike for the eight session on the trot. It rose to a high of 2.2 per cent, which was the best performing index of the day. It rose 15 per cent in these eight sessions.
At the NSE, Cipla, Dr Reddy’s Laboratories and Infosys were the top three gainers whereas Hindalco, IOC and UltraTech Cement were the top three losers at the time of market closing. Although Cipla’s value went up 3.9 per cent and Dr Reddy’s by 3.8 per cent, Infosys showed good gains and ended in the top three despite being the top loser in Thursday’s NSE trading.
The global and Asian markets showed mixed results as Nikkei and CAC 40 gained 0.50 per cent and 0.35 per cent, respectively, while Hang Seng, DAX, Shanghai Composite and FTSE 100 lost 0.54 per cent, 0.04 per cent, 0.73 per cent, 0.68 per cent, respectively, at the time of writing this report.
The benchmark indices S&P BSE Midcap and Small Cap Index went down as Midcap lost 64.18 points or 0.40 per cent and stood at 16,001.20 while Small Cap lost 78.90 points or 0.46 per cent and stood at 16,961.16.
In the banking sector, the shares of SBI, HDFC Bank, Axis Bank and IndusInd Bank went into losses in BSE as they lost 5.15 points (1.82 per cent), 6.45 (0.32 per cent), 3.75 (0.71 per cent) and 2.30 (0.12 per cent), respectively, at the end of the day.
Trade deficit figures for May at $14.62 billion, which was on a four-month record high, had a strong impact on the market. A near 50 per cent rise in the oil import bill was the reason behind the deficit. Exports grew at 20 per cent, which was also at a seven-month high.
In the commodities sector, gold gained Rs 8 or 0.03 per cent and stood at Rs 31,385 per 10 grams while Brent Crude climbed Rs 18 or 0.40 per cent and stood at Rs 4,535 per bbl, at the time of filing this report.