Sensex, Nifty rise after 3 days of falls; financial, IT stocks boost

Brittany BishopApr 12, 2017

The gauge had dropped by 398.50 points of 1.33 percent in previous three days.

The BSE FMCG index surged 1.56 per cent whereas ITC soared 3.16 per cent. "Going ahead, the markets may not make a strong move in either direction until the fourth-quarter numbers start flowing in".

Hopes of good show by IT major Infosys for the March quarter, due on Thursday, also helped.

"Gains were led by index heavyweights ITC, ICICI Bank, Infosys and L&T".

Market breadth was positive with 1,622 advances against 1,102 declines. This earning would be keenly watched by investors as they would want to know major IT companies views on guidance for financial year 2017 - 18 taking into account Trump's Administration tightening H-1B visa norms in order. Top private bank ICICI Bank advanced 1.9% to 282.90 rupees, while India's largest lender State Bank of India finished 1.6% higher at 293.70 rupees. Metal Index slumped 1.6 per cent. The Tribunal said last April that the two firms needed to be compensated as the change in Indonesian laws on coal export prices were outside their control.

On the other hand, Adani Ports and Special Economic Zone (4.78%), Tata Power Company (1.95%), Cipla (1.66%), Tata Steel (1.44%), Bajaj Auto (0.54%), and Reliance Industries (0.50%) were the biggest losers in the Sensex.

On Friday, the NSE Nifty fell by 63.65 points or 0.69 per cent at 9,198.30 points, and the BSE Sensex closed at 29,706.61 points - down 220.73 points or 0.74 per cent.

Japan's Nikkei was below 89 points or 0.48% trading at 18,708.49, while Hong Kong's Hang Seng was lower by 189.90 points or 0.78% trading at 24,072.28.

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