Sensex extends gains to third day in a row amid rally in metal stocks

NEW DELHI: Benchmark indices extended gains to a third straight day on Friday amid buying across most sectors. Strong global cues boosted the market sentiment.

Metals fired up yet again to pull indices up. The broader markets witnessed buying interest in mortgage companies post-good earnings from HDFC. High-quality midcaps saw profit booking, analysts said.

The 30-share pack Sensex rose 256.71 points or 0.52 per cent to close at 49,206.47. The index traded in a range of 381.26 points during the day. Its broader peer NSE Nifty advanced 98.35 points or 0.67 per cent to settle at 14,823.15.

“Global bourses were largely positive as easing restrictions on movement in the US and Europe along with the expectations of better US job data signalled a faster economic rebound in the western markets. Metals stocks are continuing their upbeat movement on improved sectoral outlook while mid-cap stocks underperformed their peers," said Vinod Nair, Head of Research at Geojit Financial Services.

Market at a glance

• HDFC gains 3% after co's Q4 numbers surprise analysts positively
• Volatility gauge India VIX slides 5%
• PSU bank stocks see profit booking; Nifty PSU Bank sole sectoral loser
• Tata Steel surges 8% after co’s analyst call
• Copper maker Hindalco continues rally, surges 4%

Among the blue chip stocks, Tata Steel was the top gainer, rising 7.51 per cent. Hindalco, JSW Steel, Adani Ports, SBi Life Insurance, Bajaj Finserv, HDFC, Indian Oil and M&M were other gainers.

Tata Consumer was the top loser in the Nifty pack, falling 3.54 per cent. Hero MotoCorp, Bajaj Auto, Eicher Motors, UPL, Bajaj Finance, Divi’s Labs, Infosys and Power Grid were other shares that ended in the red.

Broader market indices ended on a mixed note, underperforming their headline peers. Nifty Smallcap rose 0.70 per cent but Nifty Midcap fell 0.38 per cent. Nifty 500, the broadest index on NSE, added 0.49 per cent.

SAIL, Fortis Healthcare, CESC, Hindustan Copper, National Aluminium Company and Trident were top gainers from mid- and small-cap indices, climbing in the range of 5-10 per cent.

CEAT, APL Apollo, Wockhardt Pharma, SRF, Navin Fluorine and Deepak Nitrate were major losers from the broader market space, falling in the range of 2-9 per cent.

Barring Nifty PSU Bank, which ended 0.14 per cent lower, all sectoral indices registered gains. Nifty Metal was the top gainer, rising 4.73 per cent. Nifty Media, Nifty Financial Service and Nifty Realty were other major gainers.

Market breadth was in favour of gainers as 1,698 stocks ended in the green, while 1,312 counters settled with cuts. As many as 274 securities hit 52-week highs, mostly from the small-cap space. Meanwhile, 38 stocks hit 52-week lows, mostly from the micro-cap space. About 350 stocks hit upper circuit limits and 186 lower circuit limits.

European markets were trading higher at the last count. London-based FTSE was up 0.72 per cent while Paris and Frankfurt added 0.27 per cent and 1.27 per cent, respectively. In Asia, Hong Kong, Indonesia and China dropped while other markets closed in the green.