Nifty begins May series on strong note, Sensex up over 260 points


Mumbai, Apr 27: A strong gain in banking names, among other sectors, ensured that the market had a good opening to the new series, with the Nifty ending just around 10,700-mark. During the course of the day, Sensex managed to hit 35,000, while the Nifty also traded above the 10,700-milestone.
The Sensex managed to clock gains of over 300 points, while the Nifty also rose around 100 points through the day. But, in the last hour, it pared some of those gains. Having said that, it has ended at a two-month high.
The Sensex was up 256.10 points at 34969.70, and the Nifty up 74.50 points or 0.70% at 10692.30. The market breadth was narrow as 1388 shares advanced, against a decline of 1227 shares, while 161 shares are unchanged.
All sectoral indices managed to end in the green, barring IT stocks, which witnessed profit booking along with an effect of a weak rupee.
“…IT underperformed for the session whereas Reliance ahead of the results held up as well and crossed the Rs 1,000 level in trade. FII and DII flow continue to be muted with no real cues coming in from here. Overall, we continue to remain neutral on the markets overall and would not advocate entering fresh positions at this juncture,” Nikhil Kamath, Co-Founder, Zerodha, said in a statement.
Among stocks that made news on Friday, shares of North Eastern Carrying Corporation gained 12 percent after it bagged an order worth Rs 356 crore from Tata Steel.
Meanwhile, Essel Propack ended 2 percent higher as the company recommended a bonus issue.
Rallis India, on the other hand, fell 7 percent on the back of poor fourth quarter numbers.
Thermax was up 1 percent after the company announced an order win worth Rs 279 crore.
Amid the major names, Axis Bank surprised the Street with 9 percent gains despite reporting a dismal March quarter.
Maruti Suzuki lost 2 percent even as the company reported 10 percent jump in its net profit for the March quarter.
Reliance Industries ended 2 percent higher ahead of March quarter results that will be declared after market hours.
In the precious metals space, gold futures traded lower by Rs 85 at Rs 31,167 per 10 grams amid a weakening global trend and profit booking by speculators.