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Optimism on US-China trade talks aid Sensex gain 246 pts
Mumbai, Oct 11 - Indian markets edged higher on Friday taking cues from an optimistic global stock market, up on prospects of a early resolution of the US-China trade war post the bilateral talks that kicked off earlier on Friday.
Anticipating a better trade forecast, and hence global growth, investors lapped up manufacturing stocks. Consequently, the Nifty metal index gained 2.27 per cent, the most among all the Nifty sectoral indices.
The benchmark Sensex closed on Friday with a 246.68-point gain after it flip-flopped between a high of 38,345.41 and a low of 37,737.85. The broader Nifty settled at 11,301.25, over 66 points lower.
"Market turned volatile due to weak start to the earnings season and surge in oil prices after rise in tensions in Middle East," said Vinod Nair, Head of Research at Geojit Financial ServicesA
"While the market regained in the latter half as optimism increased on US-China trade talks, and a strengthening rupee attracted value buying opportunity," he added.
Vedanta, Infosys and Tata Motors surged over 3 to 5 per cent, while the Indian Oil Corp and Yes Bank finished at the bottom of the Nifty50 index.
Although the markets ended with gains, Sanjeev Zarbade of Kotak Securities said that there has been caution in the equity markets about stress in the financial sector and a likely weaker second quarter 2019-20 earnings season.
Zarbade pointed out that the street has built in the effect of slowdown in earnings numbers, but if the actual earnings turn out to be worse, then markets could slip to lower levels and vice versa
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