Sensex extends rally, up 107 points on positive macro data
MUMBAI: The benchmark Sensex zoomed about 107 points to 27,354.08 in early trade on Friday, continuing its rally for the fourth straight session, on the back of positive macro-economic data and encouraging corporate earnings.
Besides, a firming trend on other Asian bourses also buoyed sentiment here.
The 30-share barometer, after spurting to 27,459.75 at the outset, was trading 106.92 points, or 0.39 per cent, higher at 27,354.08 with all the sectoral indices, led by IT, teck, oil&gas and metal rising by up to 0.88 per cent.
The gauge had gained 520.57 points in previous three days.
The NSE index Nifty climbed 26.90 points or 0.32 per cent to 8,434.10.
Brokers said buying activity picked up on positive economic data as industrial production in November grew by 5.7 per cent compared to a contraction of 3.4 per cent in the same month a year ago due to better performance of manufacturing, mining and electricity sectors coupled with larger offtake of capital goods, considered a barometer of investment.
According to brokers, retail inflation easing further to multi-year low of 3.41 per cent in December too had a positive impact.
The IT major today reported a 7 per cent growth in its consolidated net profit at Rs 3,708 crore for the October-December quarter and revised its revenue guidance in constant currency to 8.4-8.8 per cent as against earlier 8-9 per cent.
Stocks of TCS, country’s biggest software services firm, was however quoting 0.50 per cent higher at Rs 2,357.95 apiece after the company yesterday reported a 10.9 per cent jump in profit to Rs 6,778 crore.
Among other Asian markets, Japan’s Nikkei rose 0.52 per cent while Hong Kong’s Hang Seng was up 0.51 per cent in early trade. China’s Shanghai Composite index gained 0.12 per cent.
The US Dow Jones Industrial Average, however, closed 0.32 per cent lower in Thursday’s trade.