Sensex, Nifty rise for 7th straight day on gains in IT stocks

The domestic equity market ended the week on a high note as both NSE Nifty and BSE Sensex rose for the 7th consecutive day on Friday, thanks to gains in consumer durables, IT, oil & gas and healthcare stocks amid favourable global cues.

NSE Nifty50 closed at 10,389.70, up 0.40 per cent or 41 points and BSE Sensex ended the day at 32,679.24, up as many as 91 points or 0.27 per cent.

Consumer stocks outperformed with shares of Crompton (up 5.78 per cent), PC Jeweller (up 4.18 per cent), Bluestar Co (up 3.71 per cent), Titan(up 2.86 per cent), Bajaj Electricals (up 1.78 per cent), Whirlpool (up 1.62 per cent) and Rajesh Exports (up 0.66 per cent) being the top gainers.

Meanwhile, metal and PSU banks stocks pared gains.

Stocks such as WelCorp (down 3.14 per cent), Hindustan Zinc (down 1.93 per cent), Hindalco (down 1.51 per cent), National Aluminium (down 1.03 per cent), Canara Bank (down 1.10 per cent), Bank of India (down 0.89 per cent), SBI (down 0.85 per cent), Bank of Baroda (down0.73 per cent) and PNB (down 0.29 per cent) were the major drags.

“The underlying sentiments continue to remain positive. However, with indices trading near record highs and series of key events like GDP data, RBI monetary policy and state elections in Gujarat, lined up over the next one-two weeks, investors and traders should be cautious,” said Jayant Manglik President Retail Sales Religare Securities.

“While the start to the next week could be on a strong footing, indices could witness resistance at higher levels. Traders should keep their leveraged positions hedged, while investors should focus only on quality stocks,” he added.

BSE Midcap index gained 98 points or 0.58 per cent to 16,934.32 with shares of GMR Infra, Crompton, Ashok Leyland, ABRFL, IGL and PEL surging up to 9 per cent.

BSE Small Cap index gained 80 points or 0.45 per cent to end at 18,024.55 as shares of Ducon (up 19.94 per cent), Camlin Finance (up 19.59 per cent), High Ground (up 19.26 per cent) and Jai Corporation (down 17.26 per cent) addded gains as opposed to Neuland Laboratories, TPL Plastic, Arshiya, and TeamLease.

Among specific stocks, shares of Swaraj Engines gained 5 per cent to Rs 1,987.05 after the company said it was considering a share buyback proposal

In corporate news, Edelweiss Financial Services (EFSL) on Friday said it has raised Rs 1,528 crore through the qualified institution placement (QIP) route.

Meanwhile, reports suggested that tyre maufacturer Ceat could harness its ‘born tough’ credentials to garner a decent share in the off-highway tyres (OHT) business – and stretch its operating margins and premium valuations in the bargain.

Globally, the Hang Seng Index added 0.53 per cent, or 158.38 points, to close at 29,866.32.

In Europe, the STOXX 600 index was 0.1 per cent higher, while Germany's DAX advanced 0.2 per cent, Reuters reported.