An evening walk down Dalal Street | Sensex rises 197 pts amid positive global cues; Airtel up 9%

The market continued to gain momentum for second consecutive session on Friday, though it was a volatile day. The rally was driven by index heavyweights Reliance Industries and HDFC Group stocks. Positive global cues and rupee appreciation also boosted sentiment. The 30-share BSE Sensex rallied 196.62 points to 35,457.16 and the 50-share NSE Nifty gained 65.50 points at 10,682.20. The recovery and follow-up buying after Monday’s sharp sell-off helped the market close higher for the week. The Sensex climbed 0.8 percent and Nifty rose 0.9 percent. The upside is likely to continue in coming week as well, but overall it could be rangebound trade amid lack of domestic cues, experts said, adding the trade may largely be driven by global factors. “Market was rangebound with a positive bias amid strong rupee and inflow of foreign funds. Broadly, the second quarter earnings were tad below the expectation of 15 percent YoY (Nifty50) and the market has largely factored a gradual downgrade in earnings in the second half of FY19,” Vinod Nair, Head of Research, Geojit Financial Services told Moneycontrol. While investors are looking for major triggers for a decisive up move above 10,700 level, stability in INR and oil prices will provide direction to the market despite election led uncertainty, he said. The broader markets underperformed frontliners amid weak breadth today. The BSE Midcap index closed flat and Smallcap declined 0.4 percent. About three shares declined for every two shares rising on the BSE. Telecom stocks hogged the limelight

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