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Sensex gains 290 pts, Nifty50 reclaims 10,800; Idea, Airtel drop up to 12%

Market participants turned to bargain hunting ahead of industrial production and inflation data.

Updated: May 11, 2018, 05.49 PM IST
Watch: Sensex soars 290 pts; Nifty50 tops 10,800-mark
Watch: Sensex soars 290 pts; Nifty50 tops 10,800-mark
NEW DELHI: Sustained buying in bank, financial, metal, FMCG, IT and oil stocks amid firm global cues gave Sensex 350 points boost on Friday.

The equity benchmark, however, cooled off a bit and finished the day's trading 290 points, or 0.82 per cent, up at 35,536. As many as 23 stocks settled with gains, while 8 incurred losses in the index.

The Nifty50 index closed 90 points, or 0.84 per cent, up at 10,807, with 38 stocks in the green and 12 in the red.

For the week, both Sensex and Nifty rose by 1.78 per cent.

However, BSE Midcap and Smallcap index remained mixed. The midcap index closed the day 0.40 per cent up, whereas smallcap index settled 0.12 per cent down.

Sensex opened in the green on Friday and built up on gains on buying in bluechip counters in the light of positive global cues after the soft inflation data of the US hinted that the US Fed may not increase interest rates as sharply as expected earlier.

Market participants turned to bargain hunting ahead of industrial production and inflation data.

Oil stocks including HPCL, BPCL and Reliance Industries saw decent traction today amid firm global crude prices.

Global crude oil prices are still on a high in the wake of US sanctions on Iran. However, it is expected to have little impact on India's oil imports as long as European countries don't follow the suit. India pays its oil supplier in Euros using European banking channels and unless these are blocked, imports will continue.

HDFC, HDFC Bank, ITC, Asian Paints and Larsen & Toubro remained the key drivers of Sensex rally on Friday.

However, Bharti Airtel, Sun Pharma, Tata Motors and Hero MotoCorp disappointed.

Top Sensex gainer Asian Paints surged over 6 per cent on Friday, a day after the company reported a 4 per cent YoY increase in its net profit at Rs 481 crore for March quarter.

On the other hand, PC Jeweller tanked 4 per cent after the board approved share buyback of Rs 424 crore.

Telecom stocks Idea Cellular and Bharti Airtel plunged 11.83 per cent and 6.44 per cent, respectively on Friday after Reliance Jio announced all-time low tariffs for postpaid customers.

Among the sectors on BSE, telecom index tanked 4.25 per cent, followed by consumer durables index that fell 1.19 per cent. Metal, oil & gas, capital goods and bank indices clocked up gains of over 1 per cent.

Global stocks were trading mixed. In Asia, Hang Seng and Nikkei climbed over 1 per cent.

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