The BSE Sensex jumped over 150 points to reclaim the 18,500 mark while
the broader Nifty bounced back above the key 5,600 mark Friday. The
strong gains came on the back of positive global cues and the
government's notification allowing foreign investment in multi-brand
retail, aviation, and broadcast on Thursday. The rupee, too, saw gains
and traded at 54.14 to the dollar.
The government implemented its reforms decisions taken last week despite widespread political opposition, which has sent a positive signal to markets.
"There is no need to press the panic button as far as the domestic polity is concern... Markets may rise to 5,650 or 5,900 on account of global liquidity," Mehraboon Irani of Nirmal Bang Securities told NDTV Profit.
Strong buying was seen in aviation and retail stocks. Debt laden Kingfisher Airlines surged 4.5 per cent while SpiceJet traded with over 3 per cent gains. Pantaloon Retail shares jumped nearly 8 per cent.
All groups of stocks traded higher. Banks, realty, and capital goods stocks jumped over 1 per cent. On the Nifty, 42 of the 50 stocks traded higher.
Reliance Infra was the top Nifty gainer, up 2.4 per cent. PSU lender Punjab National Bank advanced 2.3 per cent. Heavy equipment maker BHEL and private lender Axis Bank were the other stocks to rise over 2 per cent on the Nifty.
Private steel maker JSPL declined 1 per cent after global brokerage CLSA downgraded the stock to "sell".
Global cues:
Assets from Asian shares to oil to gold rose and the euro steadied as stimulus measures from major central banks continued to buoy investor confidence, offsetting weak economic data. The MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.7 per cent after slipping to its lowest in nearly a week on Thursday. Tokyo's Nikkei stock average added 0.6 percent.
(With inputs from Thomson Reuters)
The government implemented its reforms decisions taken last week despite widespread political opposition, which has sent a positive signal to markets.
"There is no need to press the panic button as far as the domestic polity is concern... Markets may rise to 5,650 or 5,900 on account of global liquidity," Mehraboon Irani of Nirmal Bang Securities told NDTV Profit.
Strong buying was seen in aviation and retail stocks. Debt laden Kingfisher Airlines surged 4.5 per cent while SpiceJet traded with over 3 per cent gains. Pantaloon Retail shares jumped nearly 8 per cent.
All groups of stocks traded higher. Banks, realty, and capital goods stocks jumped over 1 per cent. On the Nifty, 42 of the 50 stocks traded higher.
Reliance Infra was the top Nifty gainer, up 2.4 per cent. PSU lender Punjab National Bank advanced 2.3 per cent. Heavy equipment maker BHEL and private lender Axis Bank were the other stocks to rise over 2 per cent on the Nifty.
Private steel maker JSPL declined 1 per cent after global brokerage CLSA downgraded the stock to "sell".
Global cues:
Assets from Asian shares to oil to gold rose and the euro steadied as stimulus measures from major central banks continued to buoy investor confidence, offsetting weak economic data. The MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.7 per cent after slipping to its lowest in nearly a week on Thursday. Tokyo's Nikkei stock average added 0.6 percent.
(With inputs from Thomson Reuters)
