There was a sign of relief for the stock markets during the Friday’s session as the markets were able to close with gains. Sensex gained another 206.50 points and finally closed at the week’s high of 18,519.44. On the other hand, the broader index, Nifty rose by 63.30 points and closed at 5,471.45 levels.
Experts said that the market reacted to the appreciation in the rupee, which showed a slight recovery after six sessions of continuous weakness. Apart from Real Estate index which fell by 1.33 per cent, all the other sector indices closed with gains. Capital goods, Banking and Oil & Gas indices rose by 2.04 per cent, 1.91 per cent and 1.59 per cent respectively.
The rupee appreciated, ending six days of losses. After bouncing back from an all-time intra-day low of 65.56 yesterday, the local currency traded at 64.07 in late afternoon deals.
The market breadth remained positive as 1,336 shares ended with gains, 981 finished with losses and 151 were unchanged. Total turnover dropped to Rs1,960.40 crore from Rs2,323.03 crore yesterday.
Experts further added that a few investors had again started value buying since the markets have corrected a lot and most of the shares are trading at attractive levels.
While Foreign Institutional Investors continued their sell, as per provisional data released by NSE, FIIs sold a net Rs1,277.64 crore of shares on Thursday. But the selling from FIIs dropped on Friday to Rs148.57 crore while domestic investors bought shares worth Rs755.87 crore.