Published 16:08 IST, November 15th 2019
Sensex ends 70 points higher; Airtel rallies 8 per cent
Market benchmark Sensex ended 70.21 points higher on Friday, led by gains in Bharti Airtel and SBI, amid positive cues from global equities.
Market benchmark Sensex ended 70.21 points higher on Friday, led by gains in Bharti Airtel and SBI, amid positive cues from global equities.
The 30-share index, which opened on a firm note, witnessed a sell-off at the fag end of the session as investors turned cautious tracking concerns over slowing economic growth.
After rallying over 363 points during the day, the 30-share Sensex ended 70.21 points, or 0.17 per cent, higher at 40,356.69.
Similarly, the broader NSE Nifty rose 23.35 points, or 0.20 per cent, to end at 11,895.45. Bharti Airtel was the top gainer in the Sensex pack, rallying 8.42 per cent.
The telecom operator had on Thursday posted a massive Rs 23,045 crore net loss for the September quarter due to provisioning of Rs 28,450 crore in the aftermath of the Supreme Court ruling on statutory dues.
However, experts said consistently strong operational performance underscores the company's ability to execute amidst a challenging environment.
Other gainers included SBI, Kotak Bank, Sun Pharma, Tata Motors, M&M and Tata Steel, rising up to 5.19 per cent.
On the other hand, Hero MotoCorp, Bajaj Auto, Maruti, ITC, Vedanta, NTPC and Tech Mahindra fell up to 1.85 per cent.
Investors remained on the edge after weak macroeconomic releases this week, experts said, adding that forecasts of slower GDP growth over the past few days also weighed on market mood.
"Global markets showed mixed performance during the week as markets saw profit booking on conflicting signals regarding progress on a trade deal between the US and China," said Sanjeev Zarbade, VP PCG Research, Kotak Securities.
Bourses in Hong Kong, Tokyo and Seoul settled on a positive note, while Shanghai ended in the red. European equities were trading higher in early deals.
Meanwhile, the Indian rupee appreciated 14 paise to 71.81 against the US dollar intra-day. Brent crude futures, the global oil benchmark, slipped 0.42 per cent to USD 62.02 per barrel.
Updated 16:30 IST, November 15th 2019