INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Banking and financial stocks helped Sensex and Nifty extend their gains to a second-straight session on Friday
However, for the week, both indices fell close to 0.80 per cent, snapping their two-week winning run.
Global markets shrugged off fears over
coronavirus outbreak after the World Health Organisation (WHO) designated it an emergency for China, but not yet for the rest of the world,
which also gave a leg up to the domestic market.
Market participants will be keenly eyeing Budget in hopes of additional measures from the
government to revive the economy
Analysts say this along with Q3 earnings are likely to drive momentum in the coming sessions.
BSE benchmark Sensex ended at 41,613, up 227
Its NSE counterpart Nifty settled at 12,248, up 68 points or 0.56 per cent.
The advance-decline ratio leaned in favour of the bulls on BSE
Market at a glanceIn the Sensex pack, 23 out of 30 stocks ended in the green
UltraTech Cement rose 2.47 per cent to emerge as the biggest index gainer on a 48.64 per cent year-on-year (YoY) rise in standalone profit
at Rs 643.15 crore for December quarter
However, the firm missed Street estimates.
Tech Mahindra, L-T, Axis Bank, Kotak Mahindra Bank and Titan were among the other top
gainers.
Power Grid, on the other hand, declined the most
It ended 2.14 per cent lower
IndusInd Bank, Sun Pharma, TCS and RIL were among other losers.
Mortgage lender HDFC, and private sector lenders ICICI Bank, Axis Bank and
Kotak Bank were the top index contributors.
Shares of ITI settled 2.04 per cent lower at Rs 91.05 as the firm's Rs 1,400 crore follow-on
offer (FPO) opened for subscription today.
Westlife Development jumped 4.72 per cent after the company reported over three-fold jump in
profit for the third quarter at Rs 22.72 crore.
On NSE, only two sectors ended in the red -- pharma and IT
The broader market rose in tandem with Sensex
BSE Midcap index gained 0.77 per cent and BSE Smallcap rose 0.50 per cent.
Sectorally, only two of 19 indices, namely BSE Energy and BSE Oil
- Gas, shut shop on a weak note
BSE Capital Goods, followed by Consumer Durables and Basic Materials were the leaders in the sectoral space, rising 1.50 per cent, 1.33 per
cent and 1.04 per cent.
Analysts' Take"Index heavyweights consolidated last week due to marginally lower-than-expected results for IT, bank
Midcaps and smallcaps extended their rally on expectations of revival in growth and liquidity from institutional investors
In anticipation of a good Budget - Q3 results, the pre-Budget rally has been solid
For this rally to maintain, a lot will depend on the outcome of Budget and final Q3 earnings trajectory
Market is turning a bit cautious before the big event."-- Vinod Nair, Head of Research, Geojit Financial Services"The market continued its
upward momentum despite unsupportive global cues
We reiterate our cautious view given stretched valuations and muted start to the earnings season
The expectations are high from Budget, as market participants are pinning hopes on additional measures from the government to revive the
This is likely to drive momentum in the coming sessions
Further, earnings announcements from corporates would also induce stock-specific volatility."-- Ajit Mishra, VP - Research, Religare
Broking.Global marketsGlobal shares rose on Friday, shrugging off worries over coronavirus outbreak
The virus has killed 25 people and infected at least 800 in China, where health authorities fear the infection rate could accelerate as
hundreds of millions of people travel over the week-long Lunar New Year holiday, which began on Friday.
The broad Euro STOXX 600 gained 1.1
per cent in early trading, with indexes in Frankfurt, Paris and London all advancing similar amounts
Wall Street futures pointed to slim gains.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.12 per cent amid slow trade
Financial markets in mainland China, Taiwan and South Korea were closed on Friday.