Market Closing: Sensex boomerangs back 282 points, Nifty ends above 12,850
On Friday, the benchmark mark indices closed green after a couple of volatile trading sessions. Nifty50 closed at 12,859, climbed up 87.30 points and Sensex jumped up 282.29 points to 43,882.25, led by banking & financials, FMCG and IT stocks. The Nifty Midcap index was boosted up 0.85 percent and Smallcap index gained 1.2 percent amid positive market breadth.
The top gainers in Sensex were Bajaj Finserv, Titan, Bajaj Finance and Kotak Bank. Reliance, ONGC, Sun Pharma and Indus Ind Bank occupied the top tier of market losers today. The Indian rupee started off trading at 74.13 against the US dollar rising 14 paise compared to the previous close. Shares of Bharti Infratel soared up 20 percent, as a result of its merger with Indus Towers. Vodafone Idea also rallied over 8 percent after the telecom company received Rs 3,760.1 crore cash consideration for its 11.15 percent holding in Indus Towers.
Shares of Mphasis raced up reflecting the positive outcome from the acquisition of US-based data operations specialist Datalytyx. The information technology solutions provider announced its acquisition of Datalytyx, a leading next-gen data engineering and consultancy company, on November 19.
Gland Pharma climbed up 23% on listing day.
Aarti Industries shares dropped down after HDFC Asset Management Co lowered its equity stake in the company by 2 percent. Autoline Industries share price tumbled down over 3 percent after ace investor Rakesh Jhunjhunwala and his wife limited stake in the company to 5.65 percent on November 19, against 6.2 percent in September quarter.
“Lakshmi Vilas Bank continues to hit the lower circuit, investors who bought in hope of revival, on an expectation of healthy gain got stuck. LVB net worth almost got eroded due to escalated provision and weak business. In this merger shareholder of LVB will not get any benefit. We believe a merger would be beneficial for DBS bank as it would be able to grow business in the south that has business and individual route to Singapore,” Jaikishan Parmar Senior Equity Research Analyst, Angel Broking said.
The market catapulted sharply, though could not recover all its previous day’s losses. The benchmark indices, as well as broader markets, participated in today’s run-up.