Mumbai: The BSE Sensex ended 178 points higher Friday led by gains in metal, realty and IT stocks amid positive cues from the global markets on optimism over the US-China trade talks.
The 30-share Sensex index jumped 177.51 points, or 0.49 per cent, to close at 38,862.23, while the broader NSE Nifty rose 67.95 points, or 0.59 per cent, to 11,665.95.
Tata Steel was the biggest gainer in the Sensex pack, rising 3.36 per cent, followed by Vedanta, Bajaj Finance, TCS, IndusInd Bank, Infosys, ONGC, Kotak Bank, HDFC Bank, HDFC, M&M and ITC. On the other hand, SBI, PowerGrid, Hero MotoCorp, NTPC, Sun Pharma, HUL, HCL Tech, Yes Bank and Asian Paints were among the top losers, shedding up to 1.46 per cent.
Market ended on a positive note with broad-based gains post two days of consolidation supported by favourable global cues on account of progress in US-China trade talks, said Vinod Nair, Head of Research, Geojit Financial Services.
US President Donald Trump on Friday said the United States and China are close to a trade agreement and something very “monumental” could be announced in the next four weeks.
Top Chinese and US officials are meeting in Washington to reach an agreement after the world’s two biggest economies imposed tariffs on goods worth more than USD 360 billion.
“Metals and IT index outperformed given improvement in global investor sentiment and dollar strength. Mid and small caps were outperforming on account of relative value buying opportunities compared to large caps. Going ahead, investors focus will be on Q4 results season starting next week,” Nair added.
The BSE metal, realty, teck, IT, basic materials, finance and oil and gas indices ended in the green, gaining up to 2.03 per cent. Broader indices too ended on a positive note, with the BSE Midcap and Smallcap rising up to 0.72 per cent.
Meanwhile, foreign institutional investors (FIIs) pulled out a net Rs 226.19 crore on Thursday, while domestic institutional investors (DIIs) net bought equities to the tune of Rs 1,206.16 crore, provisional data available with stock exchanges showed.
In Asia, Korea’s Kospi inched up 0.14 per cent, Japan’s Nikkei climbed 0.38 per cent and Topix gained 0.35 per cent. (PTI)
