The BSE Sensex rose 84.98 points or 0.44 percent to close at 19495.82, continuing gains for the second consecutive session today. Dilip Bhat, Joint MD, Prabhudas Lilladher expects volatility to continue unless foreign institutional investors come back into the market to lend some kind of stability.
Equity benchmarks closed off day's high amid volatility Friday, ahead of first quarter earnings season that will kick off next week with Infosys.
Dilip Bhat, Joint MD, Prabhudas Lilladher expects volatility to continue unless foreign institutional investors come back into the market to lend some kind of stability.
The BSE Sensex rose 84.98 points or 0.44 percent to close at 19495.82, continuing gains for the second consecutive session today. The index rallied more than 300 points in two days, tracking global cues after the European Central Bank (ECB) declared it would keep interest rates at record lows for an extended period and may even cut further.
The NSE Nifty gained 30.95 points or 0.53 percent to finish at 5867.90.
It was a second straight positive weekly close for the market. The last week's rally was led by government initiatives of hiking gas prices. This week, benchmarks as well as broader markets shut the shop with around 0.5 percent gains.
Country's second largest software services exporter Infosys will declare its first quarter earnings on Friday, July 12. Earnings will be closely watched by the market after Nayaran Murthy joined the company as executive chairman after the company disappointed the street with its performance for several quarters.
Dilip Bhat says the change in the management will help and the rupee is also going to do its bit. "Also there is going to be some change in the overall stance of the management as to how to approach this business," he told CNBC-TV18 in an interview.
The Indian rupee too was quite volatile after it touched its record low of 60.76 on June 26th. After that it recovered upto 59.39 per dollar, but breached the 60 mark again. It fell 9 paise to close at 60.22 per dollar.
Oil & Gas, capital goods, FMCG, healthcare and steel stocks gained while technology, auto and major banking stocks were under pressure.
Oil & gas explorers Reliance Industries and ONGC were lead gainers, rising more than 2 percent.
Hindustan Unilever closed with 1.4 percent gains after erasing 4 percent gains from its record high of Rs 632 on profit booking today. Nearly USD 5 billion open offer by Anglo Dutch firm Unilever for Hindustan Unilever's shareholders received strong response, subscribing close to 66 percent.
ITC shares gained for the second consecutive session, rising 1 percent after the cigarette major hiked Gold Flake prices by over 7 percent yesterday.
Country's largest lenders State Bank of India and ICICI Bank were down 0.35 percent and 1.2 percent, respectively while HDFC Bank gained 1.5 percent.
European markets were flat after rising 2-3 percent gains in previous session. All eyes are on the crucial jobs data due later today. Consensus estimates indicate the June non-farm payrolls lower at 161000. Unemployment rate may see some improvement to 7.5 percent.