Equities end higher on global cues, surge in metal stocks

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Mumbai, Oct 6, 2017: Key Indian equity indices — the BSE Sensex and the NSE Nifty50 — on Friday edged higher to close with substantial gains erasing losses incurred in previous sessions as positive global cues and healthy buying in metals and oil and gas stocks lifted sentiments.

Index heavyweights like Tata Steel, Sun Pharma, NTPC, State Bank of India and Hindustan Unilever, among others, aided in the upward trajectory of the indices, erasing entire losses of the previous day.

On a closing basis, the wider Nifty50 of the National Stock Exchange (NSE) rose by 91 points, or 0.92 per cent, to 9,979.70 points.

The 30-scrip Sensitive Index (Sensex) of the BSE, closed at 31,814.22 points — up 222.19 points, or 0.70 per cent, from its previous close.

The BSE market breadth was bullish — 1,709 advances and 959 declines.

“After showing minor weakness in last session, Nifty shifted into sharp upside bounce back and closed the day with smart gains of around 91 points,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.

“Nifty opened today with positive note and started to show upmove during early part of session. It later shifted into intraday sideways range for better part and moved up further during later part of session,” he added.

Vinod Nair, Head of Research, Geojit Financial Services, said: “Market rebounded led by surge in metal stocks on account of rise in global commodity prices. Additionally, expectations from Goods and Services Tax council meet to get reduction in GST rates and faster refund gave thrust to small and midcap stocks to outperform.”

In terms of the broader markets, the S&P BSE mid-cap index rose by 0.95 per cent, and the small-cap index gained 1.09 per cent.

“Global market remained positive due to better outlook on US employment data and tax reforms,” Nair added.

On the currency front, the rupee weakened by 23-24 paise to close at 65.38 against the US dollar from its previous close at 65.14-15.

All the 19 sub-indices of the BSE ended in the green.

Sector-wise, the S&P BSE metal index surged by 431.05 points, followed by oil and gas index by 316.10 points and consumer durables index by 206.92 points.

Major Sensex gainers on Friday were: Tata Steel, up 4.73 per cent at Rs 691.40; Sun Pharma, up 3.19 per cent at Rs 530.40; NTPC, up 2.72 per cent at Rs 175.45; State Bank of India, up 2.11 per cent at Rs 256.65; and Infosys, up 1.81 per cent at Rs 919.45.

Major Sensex losers were: Hero MotoCorp, down 1.42 per cent at Rs 3703.70; Tata Motors (DVR), down 0.79 per cent at Rs 239.20; HDFC, down 0.71 per cent at Rs 1740; Dr. Reddy’s Lab, down 0.40 per cent at Rs 2377.85; and Power Grid, down 0.02 per cent at Rs 204.80.

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