Mkts gain steam on positive factory output

Mumbai Equity benchmark Sensex on Friday rallied around 556 points, logging its best single day in two months, while NSE Nifty closed above the 19,400 level on value-buying in power, metal and oil stocks following strong domestic macro data and global cues. The BSE barometer closed higher by 555.75 points or 0.86 per cent at 65,387.16 with 26 of its constituents ending in the green. The index opened higher and later touched a high of 19,435.30 in day trading. It touched a low of 64,818.37. The broader Nifty spurted by 181.50 points or 0.94 per cent to close at 19,435.30. As many as 44 Nifty stocks advanced, while six declined.

Vinod Nair, Head of Research at Geojit Financial Services said: “Domestic markets made significant gains, buoyed by favourable global cues, a higher-than-expected domestic manufacturing PMI, and positive GDP growth data. This robust economic outlook propelled key manufacturing sectors to lead the rally, while strong sales figures generated increased interest in auto stocks.”

“Most sectors contributed to the move wherein metal and energy gained maximum. The market breadth also ended strongly on the advancing side, thanks to continued buying in mid-cap and small-cap space,” said Ajit Mishra, SV-P (technical research), Religare Broking Ltd.

Foreign Institutional Investors (FIIs) were net sellers of domestic equities as they offloaded shares worth Rs 2,973.10 crore, as per exchange data.

Overall market breadth was positive as 2,183 stocks advanced, 1,479 stocks declined and 124 stocks closed unchanged. As many as 281 stocks hit their 52-week high levels while 22 scrips traded at 52-week lows.

In the broader market, both BSE Midcap and SmallCap rose by 0.75 per cent each. All the sectoral indices except for healthcare closed with gains.