Markets climb on IT, pharma push; log 1st weekly loss in 3
The Sensex rebounded over 145 points while the broader NSE Nifty settled above the 11,000-mark today, driven by a spurt in IT and pharma counters.
Investors looked beyond the no-confidence motion against the government in the Lok Sabha and accumulated fresh positions, brokers said.
A recovery in the rupee from its record low also supported the bounce back, they added.
The 30-share Sensex, after opening on a strong footing, continued its upward march to hit a high of 36,567.34 on value-buying in recent losers. It lost some ground on profit-booking, before finally ending 145.14 points, or 0.40 per cent higher at 36,496.37.
Meanwhile, domestic institutional investors (DIIs) bought shares worth a net of Rs 470.02 crore yesterday, while foreign portfolio investors (FPIs) sold equities to the tune of Rs 315.69 crore, as per stock exchanges' data.
"Market recouped yesterday's losses supported by recovery in rupee and continuing positive momentum in IT and pharma stocks.
"Additionally, no-confidence motion in parliament has not disrupted the market as investors remain focused on earnings and global cues. Earnings season will pick up pace in the coming weeks. On a consensus basis, market is expecting 14.7 per cent earnings growth for Nifty50 index stocks," said Vinod Nair, Head of Research, Geojit Financial Services.
Other major gainers were Reliance Industries, which jumped 2.23 per cent to a new lifetime record closing high of Rs 1,128.55, ICICI Bank 1.84 per cent, Axis Bank 1.36 per cent, L&T 1.10 per cent, Tata Steel 0.74 per cent, TCS 0.73 per cent, and IndusInd Bank 0.70 per cent, among others.
However, Bajaj Auto topped the losers' list by plunging 8.73 per cent after lower-than-expected quarterly results.
Vedanta fell 2.74 per cent, Hero MotoCorp 2.22 per cent, ONGC 2.20 per cent, Kotak Bank 1.24 per cent, Yes Bank 1.07 per cent, Wipro 0.77 per cent, HDFC 0.71 per cent, Power Grid 0.59 per cent and Asian Paints 0.18 per cent.
In sectoral terms, the BSE IT index rose 1.51 per cent, followed by teck 1.38 per cent, capital goods 0.94 per cent, realty 0.82 per cent, consumer durables 0.67 per cent, power 0.34 per cent, bankex 0.32 per cent and FMCG 0.19 per cent.
Asian cues were mixed amid signs of intervention from Chinese authorities looking to stem the yuan's weakness. Shanghai Composite Index rose 2.05 per cent, Hong Kong's Hang Seng gained 0.76 per cent, while Japan's Nikkei shed 0.29 per cent.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)