Sensex, Nifty gain for 2nd day amid firm global trends; close up nearly 1 pc

Benchmark Sensex and Nifty rose by nearly 1 percent on Friday, extending gains for a second straight day on the back of buying in auto, banking, and energy stocks in line with firm global trends. The 30-share BSE Sensex advanced further by 462.26 points or 0.88 percent to settle at 52,727.98 as 23 of its constituents ended in the green.

Benchmark Sensex and Nifty rose by nearly 1 percent on Friday, extending gains for a second straight day on the back of buying in auto, banking, and energy stocks in line with firm global trends.

The 30-share BSE Sensex advanced further by 462.26 points or 0.88 percent to settle at 52,727.98 as 23 of its constituents ended in the green. During the day, it rallied 644.15 points or 1.23 percent to 52,909.87.

The Nifty rose by 142.60 points or 0.92 percent to settle at 15,699.25 with 39 of its scrips posting gains. Sensex and Nifty had recovered nearly 1 percent Thursday.

''Mirroring a firm trend in the global market and response to declining commodity prices, the domestic market maintained its positive trend. The up-move was supported by broad-based buying except in IT,'' said Vinod Nair, Head of Research at Geojit Financial Services.

From the Sensex pack, M&M was the biggest gainer spurting 4.28 percent. IndusInd Bank rose by 2.59 percent, Bajaj Finance by 2.58 percent, Hindustan Unilever by 2.3 percent, ICICI Bank by 2 percent, and Bharti Airtel by 1.72 percent.

Index heavyweight Reliance Industries rebounded 1.47 percent and Tata Steel by 1.42 percent. Nestle, HDFC Bank, HDFC, Ultratech Cement, Maruti, Kotak Bank, Axis Bank, and SBI also advanced.

On the other hand, Tech Mahindra, Infosys, HCL Technologies, TCS, Wipro, and Sun Pharma were the laggards.

''Markets edged higher for the second consecutive session, driven by firm global cues. Healthy rebound financials, metals, and PSU banks aided sentiments,'' Ajit Mishra, VP - Research, Religare Broking Ltd, said.

The broader markets outperformed and ended higher in the range of 1.4 percent to 1.6 percent. Barring IT, all the other sectoral indices ended in the green.

The BSE smallcap gauge jumped 1.60 percent and the midcap index gained 1.53 percent.

Among the BSE sectoral indices, telecom jumped 2.53 percent, auto (1.98 percent) power (1.73 percent), consumer discretionary goods & services (1.68 percent), consumer durables (1.47 percent), and finance (1.40 percent). Information Technology and teck were the only laggards.

As many as 2,401 stocks advanced, while 906 declined and 141 remained unchanged.

On weekly basis, Sensex jumped 2.66 percent or 1,367 points after two straight weeks of losses. The broader Nifty spurted by 2.64 percent or 405.75 points, ending two weeks of losses.

''Markets are witnessing consolidation after the sharp decline and awaiting some fresh triggers. Since we don't have any major domestic events, global updates viz. market performance, crude movement and easing of the geopolitical situation will remain on the participants' radar,'' Mishra said.

Elsewhere in Asia, markets in Tokyo, Seoul, Hong Kong, and Shanghai ended with sharp gains.

European markets were also trading in the green in mid-session deals. The US markets had ended with gains on Thursday.

International oil benchmark Brent crude rose by 1.11 percent to USD 111.27 per barrel.

Foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold shares worth Rs 2,319.06 crore on Thursday, as per exchange data.