Sensex rallies for 6th straight session; surges 246 points

Mumbai, October 18

Domestic equity market extended its gains for the sixth straight session on Friday, with the benchmark Sensex rising 246 points on sustained buying across sectors.

The 30-share BSE Sensex ended 246.32 points, or 0.63 per cent, higher at 39,298.38. It hit an intra-day high of 39,361.06 and a low of 38,963.60.

The broader NSE Nifty too spurted 75.50 points, or 0.65 per cent, to settle at 11,661.85.

Yes Bank was the top gainer in the Sensex pack, rallying up to 8.44 per cent, followed by Maruti, PowerGrid, NTPC, L&T and SBI.

Shares of Reliance Industries ended 1.37 per cent higher ahead of its quarterly earnings, scheduled to be announced later in the day.

On the other hand, Tata Motors, Bajaj Auto, Bharti Airtel, ICICI Bank, Axis Bank and Infosys fell up to 1.05 per cent.

“Indian equities outperformed major global markets for the week. Equity markets witnessed a sharp rally on foreign investor buying, progress in US-China trade talks and as well as a deal being reached between UK and EU on Brexit,” said Sanjeev Zarbade, VP PCG Research, Kotak Securities.

Investor sentiment is upbeat after Finance Minister Nirmala Sitharaman hinted at further stimulus in FY20, they said.

Elsewhere in Asia, bourses in Shanghai, Hong Kong and Seoul ended on a negative note after data showed that Chinese economy expanded at its slowest pace in nearly three decades in the third quarter. Exchanges in Tokyo, however, settled in the green.

Equites in Europe were trading on a mixed note in their respective early deals.

Meanwhile, the Indian rupee appreciated marginally to 71.13 against the US dollar intra-day.

Brent crude futures, the global oil benchmark, rose 0.12 per cent to USD 59.98 per barrel. PTI