The Sensex advanced as much as 334 points and the Nifty moved above its crucial psychological level of 7,500 on the back of strong buying in banking, metal, pharma and auto stocks.
For the most part of the day, the Sensex and Nifty traded on a firm note. The Sensex touched high of 24,672.90 and low of 24,345.79 and the Nifty advanced as much as 99 points at its day's highest level.
Buying was visible across the sectors. Banking, metal, pharma and auto stocks were among the star performers of the day, while some selling was visible in select power stocks.
Pharma stocks witnessed a strong buying interest after Lupin surprised the Street with a better than expected December quarter numbers. The Mumbai-based pharma company reported a consolidated net profit of Rs 530 crore in the December quarter, which was lower than the year-earlier quarter's numbers but was higher than the Street's estimates.
Shares of Lupin ended 9 per cent higher at Rs 1,801.
Sun Pharma, Cipla and Dr Reddy's Labs from the pharma space also ended with gains of over 2.6-3.6 per cent each.
Banking stocks witnessed a relief rally with ICICI Bank advancing as much as 3.2 per cent at its day's highest level. Axis Bank, State Bank of India, HDFC Bank, Punjab National Bank and Bank of Baroda were also among the gainers, up 3-5 per cent each.
The banking sub-index on the National Stock Exchange, Bank Nifty ended with a gain of 1.97 per cent
From the Nifty-50 basket of stocks, 38 stocks advanced while 12 stocks declined.
The Sensex finally ended 278 points higher at 24,617 and Nifty advanced 85 points to shut shop at 7,789.
3:08 p.m.: The Sensex advanced 235 points to 24,573 and Nifty rose 73 points to 7,477.
3:00 p.m.: Adani Power Ltd will soon sign a deal to set up a $2.2 billion coal-based power plant in Jharkhand state, two people with knowledge of the matter said, as its controlling shareholder aims to nearly double capacity this decade.
The utility, controlled by billionaire Gautam Adani, plans to build two power units with a total capacity of 1,600 megawatts (MW) and construction could begin by December, one of the people said, adding there is a meeting scheduled in Jharkhand next week and a deal would be sealed this month. Shares up 2.58 per cent at Rs 25.85.
2:35 p.m.: Lupin reports net profit of Rs 529.75 crore on sales of Rs 3,357.66 crore in December quarter against Rs 601.45 crore in the year ago period.
Results were better than expectations. Analysts polled by NDTV Profit had estimated the company to report profit of Rs 511 crore. Shares rally 6.47 per cent to Rs 1,759.
2:27 p.m.: GAIL India, Adani Ports, Maruti Suzuki, NTPC, Reliance Industries and Wipro were among the losers on the Sensex.
2:16 p.m.: BSE metal index advanced 2.82 per cent. Jindal Steel, Vedanta, SAIL, NMDC, Hindustan Zinc and Hindalco were among the gainers, up 3.2-9 per cent each.
2:07 p.m.: Eicher Motors beat profit estimates in the December quarter despite suffering production losses on account of Chennai floods.
The Gurgaon-headquartered company, which makes the Royal Enfield motorcycles and has a partnership with global auto giant Volvo for manufacturing commercial vehicles, posted a consolidated net profit of Rs 271 crore on net revenues of Rs 3,248 crore in its fourth quarter.
2:01 p.m.: Bosch reports net profit of Rs 221 crore on sales of Rs 2,650 crore in December quarter. The company reported net profit of Rs 111 crore in the year ago period.
Profit came in lower than estimates. Analysts had expected the company to post net profit of Rs 291 crore.
1:52 p.m.: Cadila Healthcare shares jumped as much as 5.6 per cent on Friday after the Ahmedabad-based pharma manufacturer reported better-than-estimated earnings for the October-December quarter on the back of strong growth in its US business.
Cadila Healthcare reported a 38 per cent jump in its net profit to Rs 390 crore. Its revenue grew 10 per cent year-on-year to Rs 2,428 crore.
1:35 p.m.: Shares of Reliance Infrastructure today surged six per cent after the company sold its cement business arm to Birla Corporation for Rs 4,800 crore, a deal that will help the Anil Ambani-led Group lower its debt burden.
The stock gained 5.59 per cent to Rs 432.80 on BSE. At NSE, shares of the company surged six per cent to Rs 433.65.
1:17 p.m.:
Markets came off the intraday highs. Sensex was up 128 points to 24,466 and Nifty advanced 44 points to 7,448.
1:08 p.m.: Selling pressure was visible in capital goods and power stocks. The BSE capital goods index slipped 0.13 per cent.
1:00 p.m.: The market breadth continues to remain positive as 1,378 stocks were advancing while 959 were declining on the BSE.
12:46 p.m.: Eicher Motors reports net profit at Rs 270.80 crore on sales of Rs 3,248 crore in December quarter. Shares of Eicher Motors gain 6 per cent to Rs 17,980.
The earnings were in-line with street estimates. Analysts had expected company to report profit of Rs 270 crore on sales of Rs 3,270 crore.
12:28 p.m.: Pharma stocks were witnessing buying interest. BSE healthcare index advanced 1.44 per cent; Sequent Scientific, RPG Life, Marksans Pharma, Cadila Healthcare, Jubilant Life Sciences and Dishman Pharma were among the gainers, 2.65-8 per cent each.
12:16 p.m.: Shares of power companies have significantly underperformed the market in the past one month on concerns over muted demand for electricity.
The BSE index for power sector stocks is down over 11 per cent in the past one month as compared to a 3.5 per cent decline in broader Nifty 50 index.
12:05 p.m.:
Metal stocks were witnessing buying interest. The BSE metal index advanced 2.14 per cent; Jindal Steel was the top gainer from this space, up 12 per cent to Rs 62.75. Vedanta, SAIL, Hindalco, NMDC, Hindustan Zinc and NALCO were also among the gainers, up 2.4-8.7 per cent each.
11:49 a.m.: Nifty 7,500 strike price call option was the most active call option on the National Stock Exchange. The premium on the option jumped 35.5 per cent to Rs 105.55. As many as 9,075 stocks were added to the open interest of over 4.42 million shares.
11:30 a.m.: The Sensex was up 199 points at 24,537 and the 50-share Nifty advanced 69 points to 7,473.
11:00 a.m.: Crompton Greaves was the top loser from the mid-cap space, down 8 per cent to Rs 123. M&M Financial, Bharat Forge, Mphasis, ABB, Torrent Power, Emami and Blue Dart were also among the losers from this space.
10:47 a.m.: Bank Nifty advanced 1.72 per cent to 15,124 on the back of buying in banking shares. Canara Bank was the top gainer from this space, up 4.13 per cent to Rs 189.20. Axis Bank, Bank of India, State Bank of India, Federal Bank, ICICI Bank and Punjab National Bank also gained 2-4 per cent each.
10:40 a.m.: The market breadth was positive as 1,215 stocks were advancing while 744 were declining.
10.35 a.m. Buying in banking stocks has lifted stock markets. The BSE Sensex is trading at day's highest, up 260 points at 25,600, while the broader Nifty is up 1 per cent at 7,480.
10:09 a.m.: Capital goods stocks were facing selling pressure. The BSE capital goods index fell 0.42 per cent; Crompton Greaves was the top loser from this space, down 6 per cent to Rs 125.95. SKF India, Kalpatru Power, ABB India, AIA Engineering and BEML were also among the losers, down 0.55-2 per cent each.
10:03 a.m.: Capital goods companies are dependent on expenditure and private capital expenditure is not happening which is impacting companies like BHEL, L&T and Crompton Greaves, says Pankaj Sharma, head of equities at Equirus Securities.
9:52 a.m.: Oil & gas stocks were witnessing selling pressure. BSE oil & gas index fell 0.36 per cent; GAIL India, Cairn India, Indian Oil, ONGC and Oil India Ltd were among the losers.
9:43 a.m.: The Sensex advanced 106 points to 24,444 and the 50-share Nifty jumped 32 points to 7,436. Buying was seen in banking, consumer durables and auto stocks.
9:40 a.m.: Broader markets were broadly in-line with the benchmark indices. The BSE mid-cap index advanced 0.65 per cent and small-cap index jumped 0.24 per cent.
From the mid-cap space, Jindal Steel was the top gainer, up 6.35 per cent at Rs 61.10. Torrent Pharma, Oriental Bank of Commerce, Bajaj Finance, Tata Communications and Sun TV were also among the gainers, up 2.2-2.9 per cent each.
9:26 a.m.: The Sensex and Nifty showcased a flat start in trades on Friday amid subdued global cues and selling in heavyweights such as Tata Steel, Infosys, Maruti Suzuki and Bharti Airtel.
The Sensex advanced as much as 58 points in the opening trade while Nifty moved above its crucial psychological level of 7,400.
From the Nifty-50 basket of stocks, 31 stocks were advancing while 19 were declining.
Tata Steel was the top loser in the Nifty. The stock fell 3.16 per cent to hit low of Rs 218.80 after the company reported wider than expected loss in third quarter of the current financial year.
Lupin was also trading 2.3 per cent lower at Rs 1,614 ahead of its third quarter earnings which are due later in the day.
On the other hand, Vedanta, Ambuja Cements, Hindalco, Tata Power and Axis Bank were among the gainers.
8:20 a.m.: Indian markets are set to open on a flat note tracking mixed cues and flat trading of Nifty futures on the Singapore Stock Exchange.
The Nifty futures traded on the Singapore Stock Exchange, also known as the SGX Nifty was down 0.05 per cent or 4 points at 7,441.
Meanwhile, Asian shares were trading on a mixed note.
Hong Kong's Hang Seng was up 0.35 per cent, Shanghai Composite declined 0.4 per cent, Japan's Nikkei declined 1.5 per cent and South Korea's KOSPI was trading on a flat note.
Overnight, a jump in materials shares helped U.S. stocks eke out a second straight day of gains on Thursday, though disappointing forecasts from retailers and anxiety ahead of Friday's jobs report limited the advance.
The Dow Jones industrial average rose 79.92 points, or 0.49 per cent, to end at 16,416.58, the S&P 500 gained 2.92 points, or 0.15 per cent, to 1,915.45 and the Nasdaq Composite added 5.32 points, or 0.12 per cent, to 4,509.56.
Back home, foreign institutional investors sold shares worth Rs 195.92 crore while the domestic institutional investors purchased shares worth Rs 476.44 crore on Thursday.
Tata Steel will be in focus today after the steel major reported a hefty third quarter loss on Thursday, blaming cheap Chinese imports for having to axe 3,000 jobs at its UK unit, as it tries to slim down to cope with the global steel crisis.
Mumbai-headquartered Tata Steel posted a net loss of Rs 2,127 crore in the quarter ended December 31, against a net profit of Rs 157 crore in the same period a year ago.
Sales fell 16.5 per cent to Rs 28,039 crore as prices dropped, reflecting the availability of cheaper imported steel mainly from China in Europe and India.
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