Mumbai: Benchmark equity indices logged gains for the second straight session on Friday, buoyed by positivity in global equities, and helped by continued strong foreign fund inflows.
Foreign portfolio investors (FPIs) bought stocks worth $1.9 billion over the past five trading sessions, while domestic institutional investors (DIIs) sold $368 million worth of equities in the same period.
BSE’s 30-share Sensex climbed 0.6 per cent to 38,435, while NSE’s 50-share Nifty rose 0.5 per cent to 11,372.
The broader market indices performed better than the benchmarks. “Overnight gains in US tech shares in spite of underwhelming economic data in the US helped global markets,” said Vinod Nair, head of research at Geojit Financial Services.
Here is a lowdown of what happened in Friday’s trade:
Power stocks continue to rally
For the second day in a row, power companies rejoiced the government decision on Wednesday to extend the power-sector liquidity infusion package and relaxation of working capital lending limits for Power Finance Corp and REC for distribution companies. The BSE Power index rose 2.8 per cent, taking the gains over two sessions to nearly 7 per cent. State-run NTPC rose 4.8 per cent to Rs 105.95, while PowerGrid climbed 4.4 per cent to Rs 189.05.
Max Healthcare shines on debut
Max Healthcare Institute hit the upper circuit and closed 5 per cent higher at Rs 112.35 , after debuting at Rs 107 on BSE. The stock has been admitted to the ‘T’ group of securities on BSE. Max Healthcare has been formed out of the demerger of Max India’s hospital business and its subsequent merger with Radiant Life Care.
Zee sulks on Nifty exit, Divi’s Labs gains
Broadcaster Zee Entertainment dropped 3.7 per cent to Rs 192.15 after NSE decided to drop it from Nifty50 with effect from September 25. On the other hand, pharma company Divi’s Laboratories firmed 1.84 per cent to Rs 3,247 after it was included in the Nifty pack.
VA Tech Wabag jumps
VA Tech Wabag, the multinational player in the water treatment industry, jumped 19 per cent to Rs 218 after the company informed the bourses on Thursday that it would hold a board meeting on August 25 to consider fund raising.
Aarti Drugs shares rise 10%
Aarti Drugs continued the momentum and rose 10 per cent to a new high of Rs 3,122.75, cheering the bonus issue announcement, as analysts turned upbeat on the prospects of the company.
Insider buy-sale: Mindtree
Promoters Krishnakumar N, Akila Krishnakumar, Siddarth Krishna Kumar and Subroto Bagchi sold shares of IT firm Mindtree over August 18-19, a BSE filing said on Friday. The stock shed 1.1 per cent to close at Rs 1,161.15 hitting a record high of Rs 1,208.10 in early trade.
Stocks that hit 52-week highs
A total of 228 stocks hit 52-week highs on BSE. They included Hero Moto Corp, 3i Infotech, Aarti Drugs, Mindtree, Aarti Industries, Asian Paints, BASF India, eClerx Services, Emami, IndiaMART InterMESH, Laurus Labs, Mastek and Neogen Chemicals, among others.
Stocks that hit upper circuits
As many as 429 stocks hit their upper circuit limits on BSE. They included BASF India, Varroc Engineering, IDBI Bank, Arvind Fashions, Neogen Chemicals, Kaya, Shree Renuka Sugars and Max Healthcare Institute, among others.
Stocks that flashed ‘sell’ signals
A total of 35 stocks signals on BSE flashed sell signals, as they slipped below the signal line on the MACD indicator. They included Tata Motors, Tejas Networks, Amara Raja Batteries, Mastek, Sasken Technologies and Westlife Development, among others.
What lies ahead for the market?
Nair of Geojit Financial Services said the Indian market is showing strong correlation with global markets. “Markets globally are currently running on hope and liquidity. The expectation of economic activity picking up and earnings normalising will have to translate into reality or at least show signs of it for stocks to sustain the current momentum,” he said. “Until then investors are advised to remain cautious while trading and remain stock specific.”