Market benchmark Sensex extended its
rally for the second session today, soaring 167 points to end
near five-month highs on widespread buying in pharma and bank
counters.
Market benchmark Sensex extended its
rally for the second session today, soaring 167 points to end
near five-month highs on widespread buying in pharma and bank
counters.
Pharma stocks were galvanised by a slew of approvals
granted by foreign regulators, while HDFC Bank zoomed to its
52-week high after RBI yesterday allowed foreign investors to
increase stake in the lender.
The central bank put HDFC Bank back on the FII ban list
after foreign shareholding exceeded the prescribed limit of 74
per cent within hours of trading.
Sentiment also got a boost after RBI Governor Urjit Patel
said India's economic growth will make a "sharp V" recovery
after a short drop in the aftermath of demonetisation.
The 30-share BSE Sensex, which opened higher with a gap at
28,670.43, touched a high of 28,726.26 after participants
widened their bets on foreign fund inflows amid persistent
buying by domestic institutional investors.
However, profit-booking dragged it to a low of 28,410.91,
before the gauge finally settled 167.48 points, or 0.59 per
cent higher at 28,468.75. cent. The Sensex last closed at
28,668.22 on September 23, 2016.
The index had gained 145.71 points in the previous
session.
The 50-share NSE Nifty, after moving between 8,896.45 and
8,804.25, finally settled 43.70 points, or 0.50 per cent
higher at 8,821.70.
For the better part of the day, both the key indices
remained in the tight grip of bull operators, forcing bears to
remain on the sidelines.
Both Sensex and Nifty recorded their fourth straight
weekly gains by surging 134.50 points, or 0.47 per cent, and
28.15 points, or 0.32 per cent, respectively.
HDFC Bank skyrocketed to Rs 1,450, before succumbing to
profit-booking and closing at Rs 1,377.15, up 3.75 per cent.
Sun Pharma emerged as the star performer and closed 4.03
per cent up at Rs 675.45, while Cipla rallied 1.58 per cent to
Rs 592.60.
"Today's rally was led by banking stocks, particularly
backed by HDFC Bank. HDFC Bank stock rose by over 9 per cent
in early trade after RBI removed restrictions imposed on
foreign investors' holdings," online broking firm Upstox's
Director Raghu Kumar said.
Meanwhile, foreign portfolio investors (FPIs) sold shares
worth a net Rs 215.69 crore yesterday, as per provisional
data.
Globally, Asia and Europe traded lower after Wall Street's
Trump-fuelled surge finally came to an end.
Japan's Nikkei fell 0.58 per cent, Hong Kong's Hang Seng
shed 0.31 per cent and Shanghai composite declined 0.85 per
cent.
In Europe, key indices such as London's FTSE, Paris CAC
40 and Frankfurt fell by up to 0.69 per cent in early trade.
(MORE)
(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)
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