The gains were broad-based as the S&P BSE MidCap and S&P BSE SmallCap Indices climbed over 0.7 per cent each
Indian equity benchmarks moved sharply higher pace by gains in ONGC, Reliance Industries, Coal India, State Bank of India and Hero MotoCorp. The S&P BSE Sensex rose as much as 259 points or 0.70 per cent to 36,930.51 and the NSE Nifty 50 Index crossed over its psychologically important level of 11,100, the index rose as much as 0.75 per cent or 83 points to 11,117.95. In Friday’s trading session, the Sensex and Nifty snapped their four-day winning streak to end lower.
All the 19 sector gauges compiled by BSE were trading higher led by the S&P BSE Telecom Index’s 1.5 per cent gain. S&P BSE Energy, Auto, Consumer Durables, METAL and Oil & gas Indexes also rose over 1 per cent each.
The gains were broad-based as the S&P BSE MidCap and S&P BSE SmallCap Indices climbed over 0.7 per cent each.
“Global funds are flowing towards India and that’s why Indian markets are rising and they will continue to do so in the near term,” AK Prabhakar, head of research at IDBI Capital told NDTV over phone.
Eicher Motors was top gainer in the Nifty 50 basket of shares, the stock rose 2.38 per cent to Rs. 22,391.ONGC, Indian Oil, Indiabulls Housing Finance, Bharti Infratel, Totan and Hero MotoCorp were also among the gainers. On the flipside, Tech Mahindra, Cipla, Kotak Mahindra Bank and ITC were among the notable losers in Nifty 50 basket of shares.
Among the individual shares, Jet Airways rose as much as 4.83 per cent to Rs. 255 after The Mint reported that the company has secured fresh credit facilities of Rs. 2,050 crore from Punjab National Bank.
Dilip Buildcon rose as much as 7.12 per cent to Rs. 600.90 after it was declared as the lowest bidder by National Highways Authority of India for an EPC project in Maharashtra.