Market Live: Late buying bolster markets; Sensex ends 286 points higher

Domestic equity benchmark BSE Sensex jumped over 280 points and the Nifty rose 93 points in the last two-hour trading session on Friday, driven by by gains in IT, banking. energy, FMCG and auto stocks, amid positive domestic and global cues.

After opening higher of 37,175.86, the 30-share index traded in a narrow band for most part of the day. Later, some sudden spurt in buying bolstered the equities. The Sensex ended higher by 280.71 points, or 0.76%, at 37,384.99, while the broader Nifty rose 93.10 points, or 0.85 per cent, to 11,075.90.

Top gainers in the Sensex pack on Friday included BPCL, IOC, Titan, GAIL, Vedanta, ONGC, Hindalco, ICICI Bank, Infosys, SBI, Axis Bank, and HeroMotoCorp, rising between 1 per cent and 6 per cent.

On the other hand, IndiaBulls, Sun Pharma, Dr Reddy’s Bharti Airtel, HDFC Bank and ITC  fell between 0.65-2.50 per cent.

Besides positive cues from global markets, domestic benchmarks rose amid hopes of another rate cut by the Reserve Bank of India.

Driven by costlier food items, retail inflation inched up to 10-month high of 3.21 per cent in August but remained within the RBI’s comfort level and may prompt the central bank for one more round of rate cut as another set of government data revealed industrial production growth slowed to 4.3 per cent in July.

On Thursday, FPIs bought shares worth a net of Rs 783.55 crore, while domestic institutional investors sold equities worth Rs 126.82 crore, provisional data showed.

[“source=thehindubusinessline”]