Sensex up 0.82%, Metals shine

Markets closed firm on Friday with the benchmark index holding up by 0.82 per cent or 140 points to end the day at 17,291 levels. The 30-share index touched a new high of 17,361 levels in the intra-day deals.

In the broader markets Nifty also closed on firm ground making a gain of 0.42 per cent. The 50-share index touched an all time high of 5,055 levels before ending the day at 5,021.

Indian markets crossed major milestones in the month of September. The benchmark sensitive index crossed 17,000-mark for the first time ever witnessing its fastest 1,000-point rally in just five trading sessions.

While FIIs poured in record $6.39 billion in this month, Nifty crossed 5,000-mark for the first time since its inception. Fueled by positive global cues, Indian markets emerged as the best performer in comparison to other emerging markets.

Asian markets closed mixed with Japanese Nikkei shedding 0.3 per cent on profit-taking while Kospi and Hang Seng managed to close in positive territory. Back home analysts are bullish on the markets and are expecting positive momentum to continue in October also.

"After a pause for couple of days, the story of September seems to be continuing, there is huge bias towards upside," TS Harihar, Head-Derivatives, Karvy Stock Broking said on F&O front.

"The sentiment and momentum is definitely on the positive side, plus liquidity is also strong, these factors might take markets to higher side," said Dharmen Mehta, Director-Equities, Indistock Securities.

Reliance Energy at Rs 1,205 surged 7.9 per cent was the biggest gainer in the BSE-30 pack. Tata Steel, Hindalco Industries, Tata Motors, Cipla and SBI also gained over 3.4 per cent each.

Among the NSE-50 scrips, Zee Entertainment, Ranbaxy Laboratories, Sun Pharmaceuticals, ICICI Bank and SAIL extended their gains on the back of strong momentum. However, profit booking emerged in NALCO, MTNL, HPCL, Bharti Airtel and Infosys Technologies. They slipped into red by over 1.5 per cent each.

Metals shine

Buying was visible in metal counters with the BSE-Metal index gaining over 3.2 per cent to close the day as biggest gainer among sectoral indices. Banking index, BANKEX and FMCG indices also closed firm.

Sesa Goa at Rs 2,524 surged 7.1 per cent was the biggest gainers among metal counters. Tata Steel (up 7 per cent), Hindalco Industries (up 4.8 per cent), Hindustan Zinc (up 3.8 per cent), Jindal Stainless (up 3.8 per cent) and JSW Steel (up 3.3 per cent) were some of the significant gainers.

Banking counters also gained ground Friday with Bank of India and Yes Bank logging in gains of 6.4 per cent, 5.8 per cent respectively. Allahabad Bank, Union Bank of India, Centurion Bank of Punjab and Canara Bank also gained over 3.4 per cent each.

Selective buying was visible in FMCG counters with Nestle India and ITC Limited firming up by 4.1 per cent, 2.6 per cent respectively. Dabur India, Tata Tea, Colgate Pamolive and Nirma Limited also closed on firm ground.

Source: www.ndtvprofit.com