Sensex, Nifty End Higher; Aditya Birla Fashion Jumps On Flipkart Deal

Domestic share markets ended higher on Friday, driven by gains in auto stocks, while a Rs 1,500-crore investment from Walmart Inc's Flipkart pushed Aditya Birla Fashion and Retail up as much as 17 per cent. The Nifty rose 0.28 per cent to 11,930.35, and the Sensex gained 0.31 per cent to finish at 40,685.50. For the week, both the indices gained more than 1 per cent each..Aditya Birla Fashion and Retail gave up some early gains to close 7.5 per cent higher at its best level since March 26 after Flipkart said it will buy a 7.8 per cent stake in the company..The Nifty Auto index rose nearly 3 per cent, with carmaker Maruti Suzuki up 4.3 per cent, leading gains as well as acting as the top boost to the blue-chip Nifty 50 index.."The market is precariously perched, fervently praying that the fiscal stimulus bill in the United States will be passed and that a torrent of liquidity will flow into global equity markets," said Ajay Bodke, chief executive officer and chief portfolio manager (PMS) at Prabhudas Lilladher in Mumbai..Global stocks remained within a tight range on Friday, less than two weeks before the US presidential election, with traders looking for a breakthrough in stimulus talks in Washington.."For the Nifty to go beyond 12,000, the earnings momentum needs to become far stronger.".Investors were awaiting earnings reports from Nifty components Nestle India and Tech Mahindra..Corporate results this week, dominated by consumer goods firms, have been a mixed bag, although most expected a rise in demand going forward..Credit card company SBI Cards and Payment Services closed down 5.2 per cent, having tumbled as much as 10 per cent to a 10-week low, after reporting a lower profit and a sharp drop in asset quality in the September quarter..Consumer electricals maker Crompton Greaves Consumer Electricals jumped 14.8 per cent after a surge in second quarter profit.

Sensex, Nifty End Higher; Aditya Birla Fashion Jumps On Flipkart Deal

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