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Sensex recovers 100 points on narrowing CAD, global cues

The NSE Nifty also gained 29.45 points or 0.36 percent at 8,170.20 after shuttling between 8,195.25 and 8,135.80.


Sensex recovers 100 points on narrowing CAD, global cues

Mumbai: Market benchmark Sensex rebounded by 100 points to finish at 26,625.91 Friday on gains in FMCG, auto and realty stocks, driven by a lower current account deficit and trade gap coupled with revival in global cues.

For the week, the BSE Sensex shed 9.84 points while the NSE Nifty moved up by 0.15 points.

HDFC Ltd surged 2.21 percent to Rs 1,227.80 after HDFC Standard Life Insurance said it had agreed with Max Financial Services and subsidiary Max Life Insurance to open merger talks. Max Financial jumped 10.29 percent to Rs 472.80.

Sugar stocks fell sharply by up to 10 percent after the government imposed 20 percent customs duty on exports.

Oudh Sugar Mills tumbled 10 percent, Dwarikesh Sugar plunged 6.38 percent and Bajaj Hindustan slumped 4.13 percent while Shree Renuka Sugars dipped 4.61 percent.

Real estate stocks gained on hopes regulator Sebi will consider proposal for relaxed norms for REIT (Real Estate Investment Trust) and an easier set of compliance rules for foreign fund managers keen to relocate to India.

Major gainers in real estate space were DLF (2.63 percent), HDIL (7.15 percent) and Kolkte-Patil Developers (5.25 percent and Indiabulls Real Estate (3.52 percent).

Current account deficit yesterday narrowed sharply to USD 0.3 billion or 0.1 percent of GDP in the fourth quarter of 2015-16 from USD 7.1 billion or 1.3 percent in third quarter on account of lower trade gap.

The 30-share Sensex after opening higher at 26,653.85 continued to rise to hit a high of 26,730.55, but on profit- taking it slipped a little to close the day 100.45 points or 0.38 percent higher at 26,625.91.

The NSE Nifty also gained 29.45 points or 0.36 percent at 8,170.20 after shuttling between 8,195.25 and 8,135.80.

Shares of Bharti Airtel was the top gainer among Sensex constituents by surging 2.73 percent to Rs 355.70 while Tata Motors jumped 2.03 percent to Rs 463.20.

In broader markets, the BSE small-cap gained 0.29 percent but mid-cap ended 0.05 percent lower.

Elsewhere, key indices in Asia, like Hong Kong, Japan, Singapore were higher by up to 1.07 percent while Shanghai Composite Index ended 0.43 percent higher.

European stocks rebounded with traders saying odds tilted in the favour of Britain staying in the European Union.

From Zee News

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