Sensex rises 300 points as bank stocks, RIL gain; Nifty tops 10,100

NEW DELHI: After a one-day breather, domestic equity market resumed their rally on Friday, led by gains in select banking stocks and Reliance Industries, amid sustained inflows by foreign portfolio investors. However, weak cues from global peers capped gains.

The 30-share Sensex traded over 300 points or 0.93 per cent higher at 34,322, while the 50-share Nifty index was up 106 points or 1.06 per cent up at 10,135 in early trade.

Vinod Nair -Head of Research- Geojit Financial Services said, “Domestically, markets still seem to be forward-looking, ignoring the recent quarterly results and economic data, and anticipating a turnaround in the economy.”

As many as 25 stocks in the Sensex were trading higher with Tata Steel gaining the most with 4 per cent. It was followed by State Bank of India (up 2.27 per cent), Sun Pharma (up 2.26 per cent), IndusInd Bank (up 2.18 per cent).

ONGC, Reliance Industries, HDFC Bank and Larsen & Toubro were up over 1 per cent each.

Shares of RIL hit 52-week high of Rs 1,617.70 after it said Abu Dhabi-based sovereign investor Mubadala Investment Company will buy 1.85 per cent stake in Jio Platforms for Rs 9,093.6 crore.

Among the sectoral indices on BSE, Metal, Bankex, Capital Goods, Telecom, Auto and Healthcare were up between 1-2 per cent. On the other hand, IT, TECK, Realty and Utities were down up to 0.70 per cent.

Nagaraj Shetti, Technical Research Analyst, HDFC Securities said, “If Nifty fails to sustain above 10,000-mark mark by next session, then there is a possibility of strengthening of selling from the highs. Immediate supports to be watched at 9,850 for the next 1-2 sessions. Strong overhead resistance is placed around 10,125-10,175 levels.”

Foreign investors poured Rs 2,905 crore in the domestic capital market on Thursday, according to NSE.

Asian stocks were poised for their biggest weekly rise in over eight years while the euro hovered near a 1-1/2 month high as Europe's central bank surprised with more stimulus, fuelling hopes for a global rebound.

The equities rally prompted investors to take winnings ahead of Friday's nonfarm payrolls data, which is expected to show further deterioration in the U.S. jobs market.

Australia's benchmark index was down 0.3% but still near its highest since mid-March while Japan's Nikkei fell 0.36%.