Indian equities snapped a three-day losing streak and ended higher yesterday due to gains in most sectoral indices.
The BSE Sensex gained 411.38 points, or 1%, to close at 41,575.14. The Nifty 50 gained 119.25 points, or 0.98%, to close at 12,245.80 points.
The BSE Midcap and BSE Smallcap rose 0.87% and 0.84% respectively. The market breadth was tilted in favour of bulls. On the BSE, 1519 shares rose and 1024 shares fell. A total of 168 shares were unchanged. In Nifty 50 index, 42 stocks advanced while 8 stocks declined.
Among the sectoral indices, the BSE Energy was the biggest gainer, up 1.74%, followed by the BSE Realty 1.61% and the BSE Oil&Gas index 1.35%. The BSE Consumer Durables index was the only laggard, losing 0.13%.
Allahabad Bank surged 8.17% to close at Rs19.20 after the state-owned bank said it will get fresh capital infusion of Rs2,153 crore from the government in the current financial year.
Gujarat Gas rose as much as 3.59% to Rs232 after CRISIL upgraded long term rating on the company’s bank loan facilities of Rs2,350 crore to AA+/Stable from AA/Positive. The upgrade reflects CRISIL’s expectations of an improvement in GGL’s credit profile over the medium term.
HG Infra Engineering jumped 8.12% to close at Rs263.55 as it has been declared L-1 bidder by the National Highways Authority of India for the construction of proposed Rewari Bypass as feeder route in Rewari district of Haryana on Hybrid Annuity Mode amounting to Rs522.02 crore.
Shares of Page Industries closed 5.82% higher after the company announced that ICRA has reaffirmed long-term ratings of the company to ICRA AA with a stable outlook. The credit rating agency also reaffirmed short-term rating at ICRA A1+ with a stable outlook. Asian markets closed higher. Hong Kong’s Hang Seng index rose 1.30%, Taiwan’s Taiex index gained 0.75% and Malaysia’s FTSE Malay KLCI index rose 0.44%.
Meanwhile the rupee weakened against US dollar for the sixth consecutive day yesterday amid thin holiday season trading. The domestic currency closed at 71.36 a dollar, down 0.05% from Thursday’s close of 71.32. The Indian unit had opened at 71.31 a dollar.
In the year so far, the rupee has weakened 2.2%, while foreign investors have bought nearly $14.35bn in Indian equities and $3.4bn in debt.
The 10-year government bond yield was at 6.506% from its previous close of 6.582%. Benchmark equity index, Sensex gained 1% or 411.38 points to close at 41575.14. Year to date, it has gained 15.27%.
Asian currencies were trading higher. Philippines peso was up 0.24%, Malaysian ringgit 0.16%, Singapore dollar 0.13%, Japanese yen 0.12%, South Korean won 0.05%, Indonesian rupiah 0.04%, Thai baht fell 0.03%, Hong Kong dollar 0.013% and China renminbi 0.011%.
The dollar index, which measures the US currency’s strength against a basket of major currencies, was at 97.201, down 0.34% from its previous close of 97.534.
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