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MARKET WRAP: Sensex up 227 pts, mid-cap rally continues; metal stocks gain

All that happened in the markets today

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MARKET WRAP | Market Ahead | Coronavirus

BS Webdunia Team  | Indore 

EVENT HIGHLIGHTS

Sensex, Nifty post highest one-day gains since May 25
Bulls held their reigns for the second consecutive day on Friday, as markets decisively stayed in the positive territory after a mild blip in the early morning trade. Pre-budget rally and decent Q3FY20 results throughout the day were the biggest factors driving the markets today. Banking counters were leading the charge from the front with HDFC twins, ICICI Bank, Kotak Mahindra Bank, and Axis Bank being the top contributors of the gains today. 

The benchmark S&P BSE Sensex surged 421 points off day's low to hit an intra-day high of 41,697.03. At close, the Sensex settled at 41,613.19 level, up 226.79 points or 0.55 per cent. UltraTech Cement, L&T, Tech Mahindra, and Kotak Mahindra Bank were the top gainers on the 30-share index, while Power Grid, IndusInd Bank, TCS, and Reliance Industries were the top laggards. 

On the NSE, the Nifty50 reclaimed the 12,250-mark in the intra-day trade today and hit a high of 12,272.15. The 50-share index ended 67.90 points, or 0.56 per cent, higher at 12,248.25 mark. Sectorally, all the key indices settled in the positive territory barring Nifty IT and Pharma indices. Nifty Metal index settled 1.02 per cent higher, followed by Nifty Financial Services index (up 0.9 per cent) and Nifty Bank index (up 0.8 per cent).

Broader markets continued their outperformance on Friday as well, with the S&P BSE mid-cap index hitting its fresh 52-week high in the intra-day trade today. At close, the index was at 15,826.57 level, up 0.8 per cent. The S&P BSE small-cap index, meanwhile, settled 0.5 per cent higher at 14,848.49.

GLOBAL MARKETS

European shares gained on Friday as the World Health Organization stopped short of calling the virus outbreak in China a global emergency, with focus turning to flash PMI readings from major economies in the region.

After four consecutive sessions of declines, the pan-European STOXX 600 climbed 0.8 per cent by 1:40 pm. Germany's DAX rose the most among regional peers.

Meanwhile, Asian shares steadied today in holiday-thinned trade for the Lunar New Year. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.12 per cent, while Japan's Nikkei gained 0.13 per cent and Australian stocks added a marginal 0.04 per cent.

Trade in Asia was already slowing down for the Lunar New Year holiday, with financial markets in mainland China, Taiwan and South Korea closed on Friday. Hong Kong's Hang Seng ended up 0.15 per cent, trading for a half-day due to the holiday.

(With inputs from Reuters)

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