Benchmark Indices Extend Day Highs; Sensex Rose 200 Points

Benchmark Indices Extend Day Highs; Sensex Rose 200 Points

MAHARASHTRA, India – Benchmark indices in the Indian market extended its gains from the morning session on Friday to trade more than 0.5%, driven by buying in the metal counters and banks.

The S&P BSE Sensex index recorded a 0.5% increase for the day, going up by 213 points towards 41,600 levels. Under the index, the day’s top gainers include Larsen & Turbo and NTPC, which recorded more than a 2% increase each. Meanwhile, Bharti Airtel and Powergrid were the biggest losers in the Sensex pack today after dropping 1% ad 2%, respectively.

The broader NSE Nifty 50 index was up for the day as well. It increased by 0.58%, adding 71 points to trade over the 12,250 levels.

Majority of the sectoral indices under Nifty were also higher for the day and was seen trading in green. Nifty Private Bank, Nifty Bank, and Nifty Metal indexes were all trading more than 1% higher, while the Nifty IT dropped by 0.3% for the day.

In the broader market, indexes were trading higher for the day as well. The S&P BSE SmallCap index increased by 0.55%, gaining more than 80 points to reach higher at 14,850 levels. The S&P BSE MidCap index was also quoting a 0.87% advance, adding 137 points to settle at the 15,840-mark.

On stocks on the move, Allcargo Logistics remains on the way of its winning run after surging to a heaping 10% increase on Friday. As of 12:54 PM, stocks are trading at 114.30, adding 10.06% to its previous market close of 103.85 points on Thursday.

The shares for Bharat Heavy Electricals LTD was also buzzing early in the session. It opened slightly higher on Friday at 43.65 from its close at 43.45 from the previous session. And as of 1:26 PM, the BHEL shares were 3.54% over its previous close and is trading at 44.95 points.

Meanwhile, the Indian rupee is at 71.2925 points against the US dollar, up by 0.03% from its previous 71.2738 on Thursday. However, the current standing of the Indian currency is a bit low after opening Friday at a high of 71.3237 points.

On the results front published today, the consolidated net profit for the third quarter of Ultratech increased by 90.2% from the previous Rs 374.1 cr to its latest Rs 711.3 cr year-on-year.

On quarter three preview of the private lender ICICI bank, the one-time recovery for the Essar Steel resolution is expected to be the major driving factor for the FY20 quarter earnings for the bank. With that, the ICICI Bank might be looking to improved credit costs, stable slippages, and provision write-off.

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