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Nifty clocks 10,800 closes above it; Sensex almost 300 points higher; metals gain

A sharp surge among financials, metals as well as FMCG names, especially in the last hour of trade, ensured that the market managed to close the week with very good gains. The Nifty managed to clock 10,800 during the session and closed above the psychological mark.

The day began on a positive note, with the Sensex gaining over 100 points, while the Nifty managed to hover around 10,750. But the buying counters kept buzzing in the ultimate hour, with a further surge among metals, banks and FMCG names as well.

At the close of market hours, the Sensex was up 289.52 points at 35535.79, while the Nifty was up 90.00 points at 10806.50. The market breadth was, however, negative as 1,115 shares advanced, against a decline of 1,537 shares, while 163 shares are unchanged.

“Markets continue to rally on the back of positive global cues reaching closing at the 10800 levels with gains of close to one percent for the session. Bank Nifty and Pharma outperformed in trade today whereas telcos corrected on the back of Reliance Jio postpaid launch. It performed well also on the back of a weaker rupee,” Nikhil Kamath, Co-Founder, Zerodha said in a statement.

Nifty Metal and the Bank Nifty were the top gainers among all sectoral indices, managing to outperform benchmarks. Both indices gained up to 1.5 percent. Meanwhile, midcaps, too, witnessed a good session, gaining almost half a percent.

Among stocks, Asian Paints rose over 6 percent after global brokerages remained positive on the stock despite muted March quarter results.

Titan was among the top index losers during the day’s trade as the stock closed around 2 percent lower even as the firm reported 70 percent jump in its net profits for March.

PC Jeweller was very volatile through the day as the stock lost around 4 percent after surging more than 18 percent through the day as the firm approved the proposal for a share buyback.

Meanwhile, Ujjivan Financial Services touched 52-week high of Rs 432.05, surging 7 percent in the early trade before settling one percent higher after it reported good numbers for the March quarter.

Shares price of Idea Cellular, Bharti Airtel and Reliance Communications fell 2-12 percent after rival Reliance Jio entered in to postpaid services and introduced fresh tariffs.

Lastly, J Kumar Infraprojects saw some profit booking through the day after rising 3 percent intraday on the back of an order win worth Rs 559 crore.

Pharmaceutical names were trading weak ahead of US President Donald Trump’s speech, which will probably focus on drug price reduction.

Among global markets, Asian stocks ended higher, possibly on the back of good sentiment from Wall Street. Softening oil prices too aided sentiment among Asian indices. The Nikkei 225 closed up 1.16 percent, or 261.30 points, at 22,758.48.

European markets were lower in the morning trade, with no major news points lined up for the day. The Stoxx 600 was 0.05 percent lower.

“Overall, we maintain a bearish outlook on the markets and would advocate not adding fresh positions at the current juncture,” Kamath’s statement added.

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