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Sensex, Nifty Surge For Second Session, But Finish Week Lower

Top gainers on the Nifty 50 were Indiabulls Housing Finance, Bajaj Finserv, BPCL, Hindustan Petroleum and Vedanta.

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Sensex, Nifty Surge For Second Session, But Finish Week Lower

Highlights

  1. Sensex finished week 299 points lower, Nifty declined 73 points
  2. Wholesale inflation stood at a 4-month low of 4.53% in August
  3. PM Modi set to discuss rupee, fuel prices with officials on Saturday

Stock markets rose for a second straight session supported by strong buying across the sectors. Gains came amid positive movement in Asian peers after concerns on the US-China trade war front eased. BSE benchmark index Sensex closed 372 points higher at 38,090, while the NSE Nifty rose 145 points to settle at 11,515. Strong advances in banking, financial services, energy, metal and pharma stocks pushed the indices higher. The rupee was set to finish a second day of gains against US dollar while crude oil prices fell, which also boosted the trading sentiment, according to analysts.

Forty five stocks on the 50-scrip Nifty index finished higher. Top gainers on the index were Indiabulls Housing Finance, Bajaj Finserv, BPCL, Hindustan Petroleum and Vedanta, ending between 5 per cent and 7 per cent higher.

Official data released on the same day showed wholesale inflation stood at a four-month low of 4.53 per cent in August. Separate data from the Ministry of Statistics released on Friday showed consumer inflation hit a 10-month low of 3.69 per cent in August.

Easing inflation supports the view that the central bank will keep the key lending rates on hold in its next policy review due in October, say analysts.

Prime Minister Narendra Modi is set to meet officials on Saturday to decide ways to address the currency's weakness and rising fuel prices, though it was unclear whether the panel or any of its members would attend.

The rupee hit a one-week high of 71.65 against the dollar during Friday's session, after hitting a slew of record lows in the last few sessions.

Shares in other Asian markets rose, with the MSCI's broadest index of Asia-Pacific shares outside Japan advancing 1.2 per cent, on track for its best performance in more than two weeks.

Despite Friday's gains, the Sensex finished the week 299 points lower, while the Nifty declined 73.9 points.

(With agency inputs)

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