On Friday, domestic stock markets moved higher which were driven by IT stocks and got a boost on the latest bout of weakness in the rupee against US dollar. The BSE benchmark index Sensex advanced 145 points, or 0.4 per cent, to close at 36,496 while the NSE Nifty settled at 11,010, up 53 points or 0.5 per cent. Apart from IT stocks, led by Infosys and Infibeam which gained 3 per cent and 5 per cent respectively, pharma stocks also supported the markets.
On the 50- scrip Nifty index there were twenty nine stocks which can be considered to be in the positive zone. Infosys, Sun Pharma, Cipla, Bajaj Finance and Bajaj Finserv are the top gainers on the index, closing with gains of between 2.5 per cent and 8 per cent.
During Friday’s session, the rupee hit a record low of 69.13 against the US dollar. Where as the yaun was also low with traders monitoring the domestic stock market for further direction. As a weaker rupee could translate into higher returns from the US market which is the biggest source of revenue for technology companies.
However, traders took a cautious decision between talks that was the Reserve Bank of India could step in to prevent a further decline in the currency.
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Not to forget technology stocks accounted for nearly half the gains on the indices, with Nifty IT index rising 1.5 per cent.
Bajaj Finance which is a Non-banking finance firm that was on the top in the percentage gainer on the NSE index, further rose to phenomenal high.
On Thursday, according to provisional data from the NSE, Domestic institutional investors (DIIs) bought shares worth a net of Rs. 470.02 crore. The deal closed when foreign portfolio investors (FPIs) sold shares to the tune of Rs. 315.69 crore.
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