Sensex rallies 145 points, Nifty closes above 11,000 as Modi govt seen winning trust vote
Overseas, the Chinese yuan slid to its lowest in more than a year, further undermining global sentiment and stoking worries Beijing’s currency management could be the next flash point in a trade dispute with the United States.
The Sensex and Nifty settled higher on Friday riding on the Prime Minister Narendra Modi-led government's confidence of winning the trust vote in Parliament. The Sensex rose 145.14 points to end at 36,496.37, while the broader Nifty50 was up 53.10 points to close at 11,010.20.
Overseas, the Chinese yuan slid to its lowest in more than a year, further undermining global sentiment and stoking worries Beijing’s currency management could be the next flash point in a trade dispute with the United States. Besides, US President Donald Trump’s criticism of Federal Reserve policy also hurt global sentiment.
Ace investor Rakesh Jhunjhunwala's portfolio is widely tracked by big and small stock market investors alike on Dalal Street. As the shareholding pattern for the June quarter has started pouring in, it can be seen that the Big Bull has changed his holdings in many stocks. Among 29 stocks where Rakesh Jhunjhunwala holds over 1 per cent stake, three saw his holdings go up. These include Lupin, NCC and Jaiprakash Associates. The man they call the 'Warren Buffett of India', has even trimmed his stake in his favourite stock Titan Company. He also sold a stakes in Dewan Housing Finance Corporation (DHFL), Crisil, Edelweiss Financial Services, Firstsource Solutions.
12) Market breadth at close: Market breadth, indicating the overall health of the market, remained negative. On the BSE, 1,405 stocks declined, 1,154 stocks rallied, while 136 stocks remained unchanged.
11) Broader markets: In the broader market, the BSE Midcap and the BSE Smallcap indices added 0.7 per cent and 0.4 per cent, respectively.
10) Markets at close: The Sensex and Nifty settled higher on Friday riding on the Prime Minister Narendra Modi-led government's confidence of winning the trust vote in Parliament. The Sensex rose 145.14 points to end at 36,496.37, while the broader Nifty50 was up 53.10 points to close at 11,010.20.
Infosys share price rallied nearly 4 per cent on Friday after the IT giant informed bourses that it has set up a new Digital Studio in Berlin. The stock gained as much as 3.8 per cent to Rs 1367.05 on the BSE and was the top gainer on Sensex and Nifty. "Powered by Brilliant Basics, the Digital Studio in Berlin will provide clients comprehensive and continued digital transformation solutions, said Infosys in a filing to BSE.
8) Market breadth remains negative: Market breadth, indicating the overall health of the market, remained negative. On the BSE, 1,267 stocks declined, 1,009 stocks rallied, while 135 stocks remained unchanged.
7) Sensex heatmap
6) WATCH VIDEO: 20 best intraday calls for today's trade
Small trade range on Nifty stands between 10900-11000, while the bigger range will be at 10850-11075. Small trade range on BankNifty lies between 26,650-27,000 and the bigger trading range stands at 26,500-27,150. 10,900-10,925 and 26,650-26,700 are going to be an important support zone on Nifty and BankNifty.
Reliance Industries: RIL stock will remain in focus as its telecom venture Reliance Jio is all set to kick off its Monsoon Hungama Offer laster today, a day ahead of what was initially planned.
Target: Rs 1300
Stoploss: Rs 1250
- The company to report robust Q1FY19 earnings
- Buying seen in stock in last hour of trade with heavy volumes
The Sensex and Nifty ended lower on Thursday, a day ahead of a no-confidence motion against the government, dragged by financial stocks such as Kotak Mahindra Bank. Here are key triggers that will prepare you for Friday's trade:
1) Markets on Thursday
Depreciation in the Indian rupee and domestic political uncertainty subdued the key Indian equity indices on Thursday. In a major development, the rupee breached the 69 per dollar mark during the day, eroding investor sentiments in the equity market. According to market analysts, decline in the major global markets also weighed on the Indian indices.
Index-wise, the wider Nifty50 on the National Stock Exchange closed at 10,957.10 points, lower by 23.35 points and 0.21 per cent from the previous close of 10,980.45 points. The barometer 30-scrip BSE Sensex, which had opened at 36,509.08 points, closed at 36,351.23 points -- lower by 22.21 points or 0.06 per cent -- from its previous session`s close of 36,373.44 points.