Stock Market on Friday: Forty six stocks on the 50-scrip Nifty index finished the session higher
- Forty six stocks on the 50-scrip Nifty index finished the session higher. Top gainers on the index were Maruti Suzuki India, Bajaj Finance, Eicher Motors, Mahindra & Mahindra, Hindustan Petroleum and JSW Steel, closing between 5.1-6.2 per cent higher.
- All sectoral indices, barring the Nifty IT (the index of IT stocks), finished higher on the NSE. Bear operators, who had been creating short-positions in the past several sessions, were seen covering up positions, news agency Press Trust of India cited brokers as saying.
- The Nifty Bank - comprising banking stocks - finished 2.5 per cent higher. Prominent gainers included Punjab National Bank (PNB), Kotak Bank, IDFC Bank and IndusInd Bank, rising around 4-5 per cent each. The sectoral index had declined 2.1 per cent the previous day.
- Maruti Suzuki India was the top gainer on both the benchmark indices. The stock finished around 6 per cent higher.
- IT stocks bucked the trend after the rupee hit a one-week high of 73.59 against the US dollar, as against its previous close of 74.14, on weakness in crude oil prices.
- Crude oil prices gained marginally on Friday, after easing near 3 per cent in the past two days. Brent - the international benchmark for crude oil - traded at $81 a barrel levels, heading for its first weekly drop in five weeks.
- Tata Consultancy Services (TCS), which reported a 22.5 per cent rise in annual profit at Rs. 7,901 crore for the quarter ending September, was the top loser on both the benchmarks as it closed 3 per cent lower. Rupee depreciation boosts profitability of exporters such as IT companies.
- Friday's rebound in the markets came despite fund outflows by institutional investors. Net sale of equities by foreign portfolio investors stood at Rs. 2,869.41 crore on Thursday, while domestic institutional investors purchased net shares worth Rs. 1,888.18 crore, according to provisional data from the exchange.
- Sensex and Nifty registered their first weekly gain in six.
- The government is due to release data on consumer inflation and factory activity at 5:30 pm.
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