INSUBCONTINENT EXCLUSIVE:
Domestic equity market shrugged off weak global cues to end higher for a second straight session on Friday
Buying in auto, telecom and metal counters along with recovery in the rupee fuelled market sentiment
Reports indicating that the Centre was planning to slash the number of GST rate slabs from the present five to two in the near future
further also helped.
As a result, the 30-share index BSE Sensex settled 147.01 points, or 0.38 per cent, up at 38,389.82, while the 50-share
pack NSE Nifty index ended 52.20 points, or 0.45 per cent, up at 11,589.10
As many as 19 stocks in the Nifty index settled in green with Hero MotoCorp rallying 5.27 per cent, followed by Bajaj Auto (up 5.06 per
cent), Bharti Airtel (up 4.98 per cent), Mahindra Mahindra (up 4.12 per cent) and Tata Steel (up 3.09 per cent).
On the other hand, YES
Bank, Adani Ports, Sun Pharma, Power Grid, ONGC, State Bank of India and HDFC slipped between 1 per cent and 4.60 per cent.
Mazhar Mohammad,
quite interesting as it registered long lower shadows in all the sessions which resulted in Hammer kind of formation suggesting buying
interest at lower levels after hitting a short term bottom of 11,393
Even weekly charts also registered Hammer kind of formation with long lower shadow as more than fifty percent of intra week losses were
rallied 3.35 per cent, 2.07 per cent and 1.96 per cent, respectively
However, BSE Power (down 0.08 per cent) and Bankex (down 0.04 per cent) ended marginally in red.
On the global front, European markets were
DAX was down over 0.30 per cent in their late morning trade
Asian peers mostly ended lower ahead to the US Labor Department's August jobs report for clues to central bank rate hikes
Hang Seng, Nikkei 225 and KOSPI slipped up to 0.81 per cent, while Sanghai Composite gained 0.40 per cent.
Jayant Manglik, President,
Traders should limit leveraged positions and use bounce to reduce exposure
Also, maintain extra caution in stock selection
