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Markets back to winning ways as banking, metal stocks sparkle; log weekly losses

Mumbai, Oct 16 : Indian equities resumed their upward march on Friday following the massive selloff in the previous session, with banking, metal and IT counters leading the rally.

After fighting bouts of volatility, the BSE Sensex closed 254.57 points or 0.64 per cent higher at 39,982.98.

On similar lines, the NSE gauge Nifty settled 82.10 points or 0.70 per cent up at 11,762.45.

Tata Steel topped the Sensex gainers chart with a jump of 5.38 per cent, followed by HDFC Bank, PowerGrid, Ultratech Cement, Kotak Bank, Axis Bank and ONGC.

Of the 30 Sensex constituents, 24 ended with gains.

HCL Tech was the biggest laggard, tumbling 3.76 per cent, despite the company posting an 18.5 per cent rise in September quarter net profit at Rs 3,142 crore.

Mahindra & Mahindra, Reliance Industries, Asian Paints, Nestle India and Sun Pharma were the other losers.

On a weekly basis, the Sensex lost 526.51 points or 1.29 per cent, while the Nifty declined 151.75 points or 1.27 per cent.

“The market has lifted marginally after yesterday’s deep fall, but the overall trend is still fragile. The market trend has turned weak due to high stock prices in spite of lack of required fiscal support and rising spread of COVID impacting economic recovery. The quick bounce of the market to above last high and near the pre-COVID level, has brought volatility, which can stay for some time.

“For Nifty a strong support is at 11,500 limiting the downside, in the near-term. The market will look forward, with high hopes to Q2 results and update on stimulus plans. IT, telecom, pharma and banks will be the sectors under focus with a positive bias,” said Vinod Nair, Head of Research at Geojit Financial Services.

Among the sectoral indices, BSE metal surged the most, gaining 3.7 per cent, followed by realty at 2.60 per cent and banking at 1.95 per cent.

Other major gainers were BSE utilities, power, finance and healthcare, rising as much as 1.61 per cent.

Of the 19 sectoral indices, 18 closed in the green. The BSE energy index slipped 0.82 per cent.

In the broader market, the BSE midcap, smallcap and largecap indices outperformed the benchmark.

Global markets traded mixed amid concerns over resurgence in coronavirus cases in some parts of the world.

The rupee on Friday settled almost flat at 73.35 against the US dollar in the absence of any fresh trigger.

SourcePTI

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