Mumbai: Stock markets bounced back with a
vengeance on Friday after a four-day slide, with the benchmark
Sensex gaining over 290 points in volatile trade.
The market sentiment was boosted by bullish Asian markets
and a strong start in European bourses.
The Bombay Stock Exchange 30-share Sensex ended the day
higher by 290.79 points or 1.89 per cent at 15,689.12. The
gains came after a loss of 524 points or 3.29 per cent in the
past straight four days.
Marketmen said buying activity got support as investors
calculated that the recent fall was overdone. The sentiment
was also buyoed by revival of monsoon in some parts of the
country, they added.
With buying spread over across counters, all sectoral
indices closed with gains. Auto shares were back in demand as
revival of monsoon is expected to reflect in stronger demand
for tractors and two-wheelers.
Auto major M&M topped the list of index gainers at 6.21
per cent, followed by another auto share Hero Honda at 4.20.
Sterlite, L&T, HDFC and ONGC all gained over 3 per cent.
However, Tata Group companies Tata Motors and TCS Ltd
ended up as losers in the range of below 1 per cent.
Asian indices such as Hang Seng ended up 2.82 per cent,
Strait Times 0.94 per cent, Shanghai Composite 0.58 per cent
and Taiwan Index 0.68 per cent.
European markets were trading higher by about 1.0 per
cent in their early trade.
The broader 50-issue Nifty of the National Stock Exchange
also recovered by 86.85 points or 1.89 per cent to 4,680.40.
"Institutional buying came back as domestic investors
are active in the market after retail investors exited their
positions in the past four sessions when the market was moving
in a sideways zone," said Unicon Financial Chief Executive G
On BSE, the market breadth remained positive as 1,576
shares closed with gains while 1,162 that ended with losses.
AMong the sectoral indices, The BSE-Auto flared up by
170.33 per cent or 2.88 per cent, the BSE-Metal by 335.44
points or 2.76 per cent, the BSE-CG by 290.87 points or 2.29
per cent and the BSE-Oil&Gas by 207.07 points or 2.16 pct.
The total turnover improved to Rs 5,722.02 crore from Rs
5,132.57 crore on Thursday. Bharti Airtel topped the list of
highest traded securities with a turnover of Rs 267.17 crore.