Markets build on gains on earnings optimism; post weekly loss
April 12, 2019 18:08
Equity benchmarks closed in the green for the second straight session Friday as investors looked forward to the earnings season with measured optimism amid an uncertain global growth environment.
After rising over 200 points intra-day, the 30-share BSE Sensex finally settled 160.10 points, or 0.41 per cent, higher at 38,767.11, led by FMCG, auto and banking stocks. The broader NSE Nifty rose 46.75 points, or 0.40 per cent, to 11,643.45.
During the week, the Sensex fell 95.12 points or 0.24 per cent, while the Nifty shed 22.5 points or 0.19 per cent. "General elections and upcoming Q4FY19 numbers will remain the crucial triggers for the market in the short term.
On the earnings front, we expect that a low base effect, turnaround in profitability of corporate lending banks and healthy growth in earnings of energy companies are expected to largely drive aggregate Sensex earnings," said Hemang Jani, Head - Advisory, Sharekhan by BNP Paribas.
ITC was the biggest gainer in the Sensex pack, rallying 3.14 per cent. Maruti Suzuki, Axis Bank, Hero MotoCorp, Vedanta, Asian Paints, M&M, HUL, Bajaj Auto and PowerGrid were among the other top gainers, rising up to 2.13 per cent. On the other hand, Bharti Airtel, Bajaj Finance, L&T, Tata Motors, IndusInd Bank, Tata Steel, HCL Tech and ONGC were among the top laggards, shedding up to 1.71 per cent.
Image courtesy: KBK News Graphics
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