Sensex climbs over 250 pts on buying in Reliance, M&M

• Equity benchmarks Sensex and Nifty closed higher on Friday amid a buying in index majors M&M, Reliance Industries and ITC.
• The 30-share BSE Sensex climbed 253.31 points, or 0.34%, to settle at 73,917.03.
• M&M was the biggest gainer on the Sensex chart, rising 5.97%, followed by JSW Steel, Ultra Cement, Kotak Bank, ITC and NTPC.

Equity benchmarks Sensex and Nifty closed higher on Friday as buying in index majors M&M, Reliance Industries and ITC helped the indices rebound from early lows. The 30-share BSE Sensex climbed 253.31 points, or 0.34 per cent, to settle at 73,917.03.

The NSE Nifty advanced 62.25 points, or 0.28 per cent, to 22,466.10.

M&M was the biggest gainer on the Sensex chart, rising 5.97 per cent, followed by JSW Steel, Ultra Cement, Kotak Bank, ITC and NTPC.

"Nifty opened flat on Friday in line with global cues. After an initial knee-jerk reaction, the index traded in the positive zone and settled at 22,466 levels. From a technical perspective, the index is maintaining a strong hold above the 21-day exponential moving average (21-DEMA), which is positioned at 22,320 levels. As long as the index holds above the 22,320 levels, the rally could extend to 22,600. However, we are gradually approaching the previous resistance of 22,800, where the index has formed a bearish engulfing candle. Thus, traders are advised to take some profit off the table," said Hrishikesh Yedve, AVP Technical and Derivatives Research, Asit C. Mehta Investment Interrmediates.

Reliance Industries gained 0.73 per cent to close at Rs 2,871 apiece.

In contrast, TCS, HCL Tech, HUL, Nestle Industries, Bajaj Finserv, Wipro and Infosys were among the losers.

"Despite mixed global signals and uncertainties surrounding the US Fed, the Indian market experienced a robust recovery, largely fuelled by the outperformance of the broader market and positive Q4 earnings.

"Further, some index heavyweight earnings surpassed expectations, and midcap and small-cap stocks continued to exhibit buying interest during dips. Auto and consumer durables particularly stood out with strong earnings momentum," said Vinod Nair, Head of Research, Geojit Financial Services.

In Asian markets, Shanghai and Hong Kong logged gains, while Seoul and Nikkei closed in the red.

European markets were trading in the negative territory. Wall Street ended in the green in the overnight trade on Thursday.

Global oil benchmark Brent crude rose 0.25 per cent to USD 83.48 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 776.49 crore on Thursday, according to exchange data.

On Thursday, the BSE benchmark climbed 676.69 points or 0.93 per cent to settle at 73,663.72. The NSE Nifty surged 203.30 points or 0.92 per cent to 22,403.85.

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