Stock Market Snaps 3-Day Losing Run: Sensex Gains 481 Points, Nifty Above 19,500. SBI Falls 3%

Stock update: On the 30-share Sensex platform, IndusInd Bank, TechM, Wipro, Airtel, HCL, Axis Bank emerged main gainers. SBI, NTPC, Maruti, Tata Motors, Bajaj Finserv, PowerGrid were among the losers

The two key equity benchmarks, Sensex and Nifty, on Friday snapped their three-day losing run and bounced back from the blow seen across global equities due to credit rating downgrade of the US by Fitch. The S&P BSE Sensex ended 480 points higher at 65,721. On the other hand, the NSE Nifty50 closed at 19,517, up 135 points.

On the 30-share Sensex platform, IndusInd Bank, TechM, Wipro, Airtel, HCL, Axis Bank emerged main gainers. On the downside, SBI, NTPC, Maruti, Tata Motors, Bajaj Finserv, PowerGrid were among the losers. SBI declined 2.94 per cent following its Q1 result. The lender's profit jumped over twofold to Rs 16,884 crore.

In the broader market, the BSE Midcap and Smallcap indices jumped about 0.65 per cent each.

Sectorally, the Nifty IT index added 1.45 per cent, while the Nifty PSU Bank index fell 0.86 per cent.

In the IPO section, Concord Biotech was subscribed 39 per cent till 3:30 pm on first day of the offer. Employees portion was booked 4.8 times, while retail and NII portion was booked 54 per cent each.

In the previous session on Thursday, the BSE Sensex ended 542 points lower at 65,241, while the Nifty50 fell 145 points 19,381.

"Global stock markets steadied on Friday before a US non-farm payrolls report that could influence interest rate plans. German factory orders unexpectedly rebounded in June driven by foreign demand, while France's industrial production declined 0.9 per cent in June, following a revised 1.1 per cent growth in May, separate reports showed," Deepak Jasani, Head of Retail Research, HDFC Securities, said.

In Asian markets, Tokyo, Shanghai, and Hong Kong ended in the positive territory while Seoul settled lower. European markets were trading with gains in early deals. The US markets ended marginally lower in the overnight trade on Thursday.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 317.46 crore on Thursday, according to exchange data.

Global oil benchmark Brent crude climbed 0.62 per cent to $85.67 a barrel.

Meanwhile, the rupee fell by 8 paise to settle at a more than two-month low against the US dollar on Friday weighed down by safe-haven dollar demand and higher crude oil prices. Foreign fund outflows also weighed on the local unit, analysts said.

At the interbank foreign exchange, the domestic unit opened at 82.73 against the dollar and finally ended the day at 82.82 (provisional), registering a fall of 8 paise from its previous close. During the session, the local unit touched a peak of 82.72 and hit the lowest level of 82.85. On Thursday, the rupee had settled at 82.74 against the dollar.