Market Closing Friday: Indian share markets posted their best 3-day rally in a fortnight, led by factors like strong global cues, weaker crude oil price and strength in rupee. The BSE Sensex rose 269.44 points to 36,076.72 and the NSE Nifty50 of the NSE advanced 80 points to 10,859.90. In the last three trading sessions, Sensex has risen 1.70% and Nifty has advanced 1.83%.
Titan Company, Sun Pharma, Indian Oil Corpn were among top gainers, while Bharti Infratel, Bhara Petroleum and TCS lost the most. All the sectoral gauges of the NSE ended higher led by Nifty Media index’s 1.93 percent gains, followed by the marginal gains in Pharma and PSU bank.
The Nifty PSU Bank’s rise was factored by reports that the govt to infuse Rs 28615 crore into seven PSBs through recapitalization bonds by this month-end. United Bank of India shares surged 9.96 percent on the NSE after the govt decided to pump in Rs 2,159 crore in the bank.
Shares in steel companies advanced media reports that India is in discussion with the U.S over exemptions on steel tariffs. Among Steel company shares, SAIL rose 6.50% Jindal Steel added 3.1, JSW Steel went up 1.72% and Jindal steel & power advanced 1.45% reacting the news.