Stock Market: Sensex gains 100 points, Nifty over 11,000
Domestic stock markets on Friday was trading green on positive global cues. The S&P BSE Sensex rose 167.43 points or 0.46 percent to trade at 36,491.60. While Nifty50 was trading 42.10 points or 0.38 percent up at 11,019.65.
This is for the third time in a year that the Feds have raised the rates. Commenting on the matter, Fed Chairman Jerome Powell said on Thursday that the US does not face a large chance of a recession in the next two years and the Federal Reserve plans to keep gradually raising interest rates.
Among 30 Sensex stocks, twenty four of them started the session in green, the top gainers in the 30 Sensex pack were Axis Bank (+1.46%), HDFC (+1.44%), Tata Motors (+1.33%), ICICI Bank (+1.27%), Asian Paints (+1.21%) and Induslnd Bank (+1.19%). Main gainers on NSE Nifty were GAIL (+3.65%), Eicher Motors (+2.16%), Bajaj Finance (+1.51%), Tata Motors (+1.38%) and JSW Steel (+1.30%).
According to the Mint report, “Jet Airways shares fell as much as 5.09% to Rs 173.35 per share on BSE as the airline informed its lenders that worsening macroeconomic conditions were beyond the company’s control and the profitability targets, as per the covenant with the lenders, are likely to be missed.”
The top losers in the 30-share Sensex pack in the morning session were Yes Bank (-0.37%), Power Grid (-0.39%), Wipro (-0.47%), Coal India (-0.47%), TCS (-0.87%) and Infosys (-1.05%). The top laggards in the 50-share Nifty pack were Yes Bank (-1.45%), IndiaBulls Housing Finance (-0.85%), Infosys (-0.64%), TCS (-0.61%) and Tech Mahindra (-0.35%).
Globally, oil prices rose a little bit on Friday, with investors trying to gauge the potential impact on supply from looming US sanctions on Iran’s crude exports. The Indian rupee strengthened against the US dollar, tracking the gains from Asian currency market.
The stock markets on Thursday ended on a lower note. BSE benchmark index Sensex shed 218 points to close at 36,324, while the broader NSE Nifty dropped 76 points to settle at 10,977.