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Closing Bell: Sensex ends 1 Per Cent higher, Nifty gains 119 points

Closing Bell: Sensex Jumps 1 Per Cent, Nifty Gains 119 Points

News Nation Bureau | Edited By : Assem Sharma | Updated on: 27 Dec 2019, 05:20:29 PM
Closing Bell: Sensex jumps 1 Per Cent, Nifty gains 119 points

New Delhi:

Markets snapped their three-day downward spiral to finish with smart gains on Friday as banking, finance and energy stocks saw robust buying amid supportive global cues. The 30-share BSE Sensex ended 411.38 points, or 1 per cent, higher at 41,575.14. It hit an intra-day high of 41,611.27.

Similarly, the broader NSE Nifty closed 119.25 points, or 0.98 per cent, up at 12,245.80. During the holiday-shortened week, Sensex declined 106.4 points or 0.25 per cent, while Nifty slipped 26 points or 0.21 per cent. According to traders, banking stocks rallied ahead of Finance Minister Nirmala Sitharaman’s meeting with heads of public sector banks on Saturday to review financial performance of the lenders and their business growth.

The meeting is expected to take up issues like non-performing asset recovery through both NCLT and non-NCLT means, take stock of the banking sector and push loan growth, sources said. Axis Bank was the top gainer in the Sensex pack, climbing 3.33 per cent, followed by PowerGrid, SBI, Bharti Airtel, ICICI Bank, Reliance Industries and Maruti. On the other hand, Kotak Bank, UltraTech Cement, Titan and TCS fell up to 0.42 per cent.

“State-run banks helped market to trade higher after consecutive days of weakness. Another announcement of bond sale next week from the central bank lifted the financial stocks higher while positive sentiments in global markets on easing trade concerns fuelled a broad-based rally.

“Investors to stay focused on continuity of government policies and given liquidity is solid, momentum is expected to shift from premium stocks to value stocks,” said Vinod Nair, Head of Research at Geojit Financial Services. In the previous session, the 30-share gauge ended 297.50 points, or 0.72 per cent, lower at 41,163.76.

Similarly, the Nifty closed 88 points, or 0.72 per cent, down at 12,126.55. Meanwhile, on a net basis, foreign institutional investors sold equities worth Rs 504.13 crore, while domestic institutional investors purchased shares worth Rs 120.46 crore on Thursday, data available with stock exchange showed.

According to traders, domestic equities followed global stocks that rose on easing trade tension between the US and China. Domestic market is expected to wait for cues from the budget, they said. Bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading significantly higher in their respective early sessions.

Shares on Wall Street too ended on a positive note on Thursday. Brent futures, the global oil benchmark, rose 0.16 per cent to USD 68.03 per barrel. BSE energy, realty, oil and gas, bankex, finance, auto and power indices rallied up to 1.74 per cent, while consumer durables ended in the red. Broader BSE midcap and smallcap indices advanced up to 0.87 per cent.

Global equities soared on expectations that the “phase one” trade deal between the US and China will be finalised next month. Bourses in Hong Kong and Seoul ended higher, while Shanghai and Tokyo slipped in the red. Stock exchanges in Europe started on a positive note.

On the currency front, the rupee depreciated 4 paise against the US dollar to 71.36 (intra-day). Brent futures, the global oil benchmark, advanced 0.29 per cent to USD 68.12 per barrel.

(With inputs from PTI)

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First Published : 27 Dec 2019, 03:40:23 PM