Home Market Stocks show the winning side, take trust motion in stride

Stocks show the winning side, take trust motion in stride

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NEW DELHI: Market got back its winning touch as headline indices took the no-trust motion in their stride and rose on Friday, backed by gains in heavyweights such as RIL, Infosys and ICICI Bank.

Stocks had been in decline for the past two days. Asian shares turned positive today.

The Sensex made a cautious opening on Friday as there appeared no end to the rupee's pain against the dollar. The local currency had crashed to a life low of 69.05 on Thursday, triggered by an emerging market currency sell-off.

The no-trust motion against the Narendra Modi government came as a major overhang on market.

As it turned out, the market rode on a fresh spell of buying in IT stocks, which made merry because of the rupee depreciation. Infosys, Tech Mahindra, HCL Tech and Tata Consultancy Services all climbed up to 3 per cent.

The Sensex added 145 points, or 0.40 per cent, settling at 36,496. As many as 19 stocks had a positive close and 12 lost.

The NSE counterpart Nifty climbed 53 points, or 0.48 per cent, to settle the day at 11,010. A total of 29 stocks advanced and 21 declined.

For the week though, the Sensex slipped 0.12 per cent and the Nifty 0.08 per cent.

BSE Midcap and Smallcap indices added 0.73 per cent and 0.41 per cent, respectively.

Sun Pharma, Infosys and Reliance Industries led the pack of Sensex gainers. Bajaj Auto, Vedanta and Hero MotoCorp gave a poor account of themselves.

Two-wheeler maker Bajaj Auto tanked 8.73 per cent as the company on Friday reported a 20.71 per cent rise in standalone net profit for the quarter to June, missing Street estimate.

Financial services companies Bajaj Finance and Bajaj Finserv shot up to record highs on Friday, driven by their solid June quarter numbers. Bajaj Finserv settled 5.70 per cent up while Bajaj Finance zoomed 8.10 per cent.

BSE Oil and Gas, Metal, Auto, Consumer Discretionary Goods & Services and Basic Materials had a hard landing. The rest of the sectoral indices landed in the green zone.

Global stocks were mostly in the green. Shanghai Composite moved up over 2 per cent. Hang Seng climbed 0.76 per cent, but Nikkei eased 0.29 per cent.

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