RTTNews - Mid-afternoon buying in realty, auto, capital goods and banking stocks helped the Indian market recoup its early loss and end sharply higher on Friday. Investors lapped up stocks in the last hour, as European stocks moved higher after two days of losses and U.S. stock futures pointed towards a positive opening on Wall Street Friday morning.
Oil/gas, metal, public sector and power stocks also closed with modest gains, while consumer durable, FMCG, IT and health care stocks ended on a subdued note after recent gains.
The BSE Sensex opened unchanged at 15,770 and fell to a low of 15,663 before closing at 15,922, up 141 points or 0.90% from its previous close.
Likewise, the S&P CNX Nifty rose 44 points or 0.94% to 4,732, the BSE mid-cap index moved up 0.71% and the small-cap index advanced 0.79%. The market breadth on the BSE was fairly positive, as gainers outnumbered losers by 1534 to 1249, with 72 stocks closing unchanged.
Among the top gainers, DLF and Jaiprakash Associates rallied over 5% each, Bharti Airtel advanced 4.39%, Hindalco Industries rose 3.07%, Reliance Infrastructure gained 2.51% and Hero Honda Motors added 2.25%.
ICICI Bank, Hindustan Unilever, SBI, Reliance Industries, ACC, Larsen & Toubro, Sterlite Industries, Tata Motors, Reliance Communication and Maruti Suzuki were the other prominent gainers.
On the other hand, Tata power fell 1.36%, ITC gave off 1.27%, Sun Pharma shed 0.96%, Wipro lost 0.77%, TCS eased 0.75%, NTPC declined 0.71%, HDFC drifted down 0.21% and Infosys slipped 0.10%, while HDFC Bank closed flat.
Reliance Industries rose 1.47%, while RNRL edged down 0.64% after the Supreme Court deferred the hearing of petition in the gas dispute between the companies to October 20.
Mahindra & Mahindra rose 0.32% on reports it may buy a facility to assemble its Scorpio model in the U.S. Tata Motors added 0.76% on reports it will launch a light commercial vehicle with a carrying load of 750 kg.
Tata Steel ended up 0.50% despite announcing disappointing June-quarter consolidated results. Reliance Communications gained 0.76% after it signed an infrastructure sharing agreement for towers, transmission and bulk bandwidth with S Tel, a new entrant in the telecom space.
Maruti Suzuki India reportedly said that it plans to more than double its exports this fiscal year to 1.5 lakh units and register a 10 percent growth in the domestic market. The stock closed up 0.60%.
McNally Bharat Engineering Company tumbled nearly 5% even as it bagged an order worth Rs.24.69 crore from NTPC. KEC International surged up 9.26% after bagging two contracts worth Rs. 780 crore from domestic as well as international firms for engineering related works.
JB Chemicals & Pharmaceuticals rose 2.52% after receiving approval from the the U.S. drug regulator for a generic drug. Astra Microwave Products jumped 5.44% on bagging a Rs.81.28- crore contract from an entity of the defense department.
Thermax soared 5.48% after it received an order worth Rs. 255 crore for supply of combustion boilers. SAIL advanced 2.13% after it received the nod from the ministry of corporate affairs to go ahead with the amalgamation of Bharat Refractories with the company.
Exide Industries gained 3.26% and Bank of Baroda added 1.32% on the back of block deals executed on the NSE. Voltas climbed 6% on reports its order book would expand by nearly Rs 2000-2500 crore in the next one year.
Hindustan Zinc slipped 0.21% after announcing that it hiked the prices of zinc and lead. Tata Power fell 1.36% despite announcing a three-fold rise in consolidate net profit for the June quarter.
Elsewhere, gains on Wall Street overnight and improved hopes for higher exports from the region helped Asian stocks mostly advance on Friday, led by consumer and technology-related shares.
However, China's Shanghai Composite index fell nearly 3 percent on concerns large initial public offerings and large-scale offerings by listed companies could dilute market capital and drag down stocks prices. The Hong Kong market followed with a modest 0.71% fall on fears of slowing China lending.
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