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Home » News » Business » Sensex Jumps Nearly 300 Points, Nifty Above 8,650
Sensex Jumps Nearly 300 Points, Nifty Above 8,650

Sensex Jumps Nearly 300 Points, Nifty Above 8,650

8.45 a.m.: Indian stock markets are likely to open on a positive note on Friday, tracking the rally in global markets. The Nifty futures trading on Singapore Exchange (SGX) were up 6.50 points or 0.08 per cent at 8,623.50 as of 08.20 a.m., indicating a higher start for Sensex and Nifty.

On Thursday, markets rebounded after two days of losses, helped by buying from foreign investors, who bought cash shares worth Rs 608 crore. Domestic investors were net sellers to the tune of Rs 622 crore.

Among the stocks that will be in focus today are Grasim Industries and Aditya Birla Nuvo, following the announcement of a merger between the two Aditya Birla Group companies. The merger is likely to be completed by next March.

Grasim and AB Nuvo will merge through a stock swap, following which the financial services business of AB Nuvo will be spun off and listed separately by May or June 2017.

Grasim shares have fallen 14 per cent over the last three days, while AB Nuvo shares have traded mixed over the same period.

State Bank of India, the country’s biggest lender, will also be in focus as it reports its June quarter numbers today. Analysts will be closely tracking SBI’s bad loan situation, after its peer Bank of Baroda reported higher bad loans in its quarterly earnings yesterday.

A number of smaller state-run lenders such as Allahabad Bank, Central Bank of India and Oriental Bank of Commerce will also report Q1 numbers today.

Drugmakers Sun Pharma and Cipla, aluminum maker Hindalco and Bosch are the other Nifty companies that will report quarterly numbers today.

Domestic markets will get support from positive trading in Asia, where stocks rose taking a cue from Wall Street’s records overnight. MSCI’s broadest index of Asia-Pacific shares outside Japan nudged up 0.1 percent. It was headed to gain 1.9 percent on the week, having brushed a 1-year high on Wednesday.

The S&P 500, the Dow and Nasdaq all closed at historic highs on Thursday for the first time since 1999 on higher crude oil and upbeat corporate results.

9.00 a.m.: Rupee opens higher at 66.83 per dollar against Thursday’s close of 66.84. 

9.25 a.m.: Indian markets opened sharply higher on Friday tracking positive Asian shares. The Sensex jumped over 180 points to an intraday high of 28,043.86 while the Nifty made a high of 8,634.75, up over 40 points.

Meanwhile, Aditya Birla Nuvo shares fell nearly 25 per cent following the announcement of its merger with Grasim Industries. Grasim shares fell over 8 per cent to a low of Rs 4,155.55. The stock has already corrected 14 per cent in last three trading sessions anticipating the merger deal with Aditya Birla Nuvo.

10.20 a.m.: Broad-based buying across the sectors pushed frontline indices higher. The Sensex jumped nearly 290 points to 28,150.76 and the Nifty50 index made a high of 8,675.20, up over 80 points.

Hindalco was the top gainer in Nifty up 3.5 per cent ahead of its Q1. Tata Motors, Yes Bank and Axis Bank were the other prominent gainers in the Nifty.


Source: NDTV

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