Sensex Surges Over 250 Points, Nifty Above 11,300

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Strong global cues lifted the domestic share markets on Friday, the last trading day of the week. The Sensex opened at 37,327.16 while the Nifty50 at 11,297.80. By 10 am, the Sensex surged 284.37 points or 0.77 per cent to 37,449.53 while the Nifty50 traded at 11,333.55 with a gain of 88.85 points or 0.79 per cent. The top gainers in the 30-share Sensex pack were HDFC (up 1.72 per cent), ONGC (up 1.51 per cent), Sun Pharma (up 1.18 per cent), YES Bank (up 1.11 per cent), and Kotak Mahindra Bank (up 1.11 per cent).
HDFC, Reliance Industries, HDFC Bank, Kotak Mahindra Bank and Tata Consultancy Services contributed to the gains in the Sensex.

Broader markets outperformed benchmark indices as the BSE Smallcap and BSE Midcap indices gained 0.84 per cent and 0.86 per cent respectively.

Forty-four out of 50 Nifty stocks advanced in trade. All 20 stocks of the Nifty Financial Services index gained in trade.

“The intermediate trend line support (for the Nifty) is placed near 11,200, in the proximity of 38.2 per cent Fibonacci retracement of the previous bull move. So traders can go long near 11,200,” said Dyaneshwar Padwal, AVP Technical Analyst, KIFS Trade Capital. Fibonacci retracement is a tool used by technical analysts in which 23.6 per cent, 38.2 per cent, 50 per cent, 61.8 per cent and 100 per cent are key ratios.

Meanwhile, Asian stocks were steady, with gains from the tech-led rise on Wall Street capped by the latest exchange of trade threats between Beijing and Washington, while safe haven flows lifted the dollar to a two-week high, according to a report from news agency Reuters.

MSCI’s broadest index of Asia-Pacific shares outside Japan inched down 0.03 per cent. Japan’s Nikkei added 0.25 per cent and South Korea’s KOSPI edged up 0.32 per cent, drawing some support from overnight gains by US stocks.

In overnight trade, technology stocks pushed the S&P 500 and Nasdaq higher on Thursday, driven by Apple shares as the iPhone maker became the first publicly traded US company worth a trillion dollars.

The Dow Jones Industrial Average fell 7.66 points, or 0.03 per cent, to 25,326.16, the S&P 500 gained 13.86 points, or 0.49 per cent, to 2,827.22 and the Nasdaq Composite added 95.40 points, or 1.24 per cent, to 7,802.69.

On Thursday, the Sensex closed 356 points lower at 37,165, while the NSE Nifty settled 101 points down at 11,244.

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