Stock Market Today: Nifty, Sensex rise as IOC, Reliance Industries again ahead of earnings
Stock Market Today: Indian shares rose on Friday as heavyweight stocks Indian Oil Corp and Reliance Industries gained on expectations of strong earnings, with the real estate sector also supporting the market.
Stock Market Today: Indian shares rose on Friday as heavyweight stocks Indian Oil Corp and Reliance Industries gained on expectations of strong earnings, with the real estate sector also supporting the market.
The NSE Nifty 50 index advanced 0.52% to 11,732.25 by 0500 GMT, while the S&P BSE Sensex was up 0.43% at 39,919.34.
The indexes were on track for their best monthly performance since July, but were set to finish the week lower on worries over the pace of global economic recovery as major European nations impose fresh lockdowns to combat surging coronavirus cases.
Refiner Indian Oil Corp
"The expectation is that the oil companies will maintain their overall refining margins, because the demand was sound during the quarter," said Ajit Mishra, vice president of research at Religare Broking Ltd in Mumbai.
"Oil marketing companies were also under pressure for a while and there is a rebound being seen in those stocks."
BPCL shares firmed 3% after it reported a higher quarterly profit and the company`s executives said it would exceed their capital expenditure target for the full year.
Real estate developer Godrej Properties
Brokerage Jefferies said in a note on Thursday property registrations in the country`s financial hub Mumbai and the capital New Delhi were at 12- and 22-month highs, respectively, and maintained its optimistic outlook for the sector.
The Nifty metals index <.NIFTYMET> and the Nifty IT index <.NIFTYIT> advanced 1.8% and 1.3%, respectively.
India`s top carmaker, Maruti Suzuki
The story has been taken from a news agency
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12:53 PM IST