Sensex bounces back with over 400 points with auto & metal stocks gain, Nifty traded above 10,900
BSE Sensex rose over 400 points on Friday with rebound in equity indices. The rise was recorded in early trade that was led by gain in metals and auto stocks. NSE nifty traded over 10,900 level. BSE top gainers included TCS, Mahindra & Mahindra, IndusInd Bank, Bajaj Auto and HCL Tech. Their stocks recorded a rise of at least 2.69%. NSE top performers included sub-indices Nifty Auto and Metal that surged at least by 2.1%.
The BSE index of 30 shares recorded a plunge of 1,115 points while Nifty crashed below 10,850 mark on Thursday led by investors dumping equities as a part of global selloff, raising concerns regarding country’s economic recovery. The exchange data revealed that net sellers in capital market were largely the foreign investor institutions as they offloaded shares on Thursday worth INR 1,885.69 crore.
On global platform, Asian shares also recorded a rise on Friday after US housing data led a tech-driven rally on Wall Street. The investors picked up the pieces next day as regional index posted biggest loss in over three months. Choppy trade on Thursday ended with a positive note for US stocks. This was after technology sector made a comeback after having sold-off initially on unemployment claims which were higher than usual.
Michael Frazis, portfolio manager at Frazis Capital Partners in Sydney said, “Sometimes the best environment for global equities is a weak economy where the government’s trying to stimulate. That’s actually a positive backdrop.” Despite of Friday rise in market, the index is still on track of largest weekly drop since March.