Sensex, Nifty extend gains as metal stocks rally

Mumbai, Dec 12 (SocialNews.XYZ) Indian stock markets gained for the second straight session on Friday, supported by a strong global rally and heavy buying in metal stocks.

Sentiment also improved after Prime Minister Narendra Modi spoke with US President Donald Trump on Thursday to discuss strengthening economic ties, as both countries continue working toward a trade agreement.

At the closing bell, the Sensex had risen 449.53 points, or 0.53 per cent, to 85,267.66.

The Nifty also moved higher, adding 148.40 points, or 0.57 per cent, to trade at 26,046.95.

“In the near term, the trend is likely to remain constructive as long as the index holds above 25,900, which is expected to serve as a key support level,” experts said.

“On the higher side, the index may move towards 26,300 in the short term," they added.

Several major stocks led the gains on the Nifty, including Tata Steel, Eternal, UltraTech Cement, L&T, Maruti Suzuki, Bharti Airtel, Adani Ports, Axis Bank and Bajaj Finance.

However, some stocks came under pressure due to profit booking. HUL, Sun Pharma, Asian Paints, ITC, Power Grid and HCL Tech were among the top losers.

In the broader markets, the Nifty MidCap index rose 1.18 per cent, while the Nifty SmallCap index advanced 0.94 per cent.

Sector-wise, the Nifty Metal index led the rally with a jump of 2.63 per cent, followed by realty, consumer durables and oil and gas. The FMCG and media sectors slipped into the red.

Meanwhile, silver prices in India continued their sharp upward trend. Silver futures crossed the historic Rs 2 lakh per kg mark for the first time on Friday, extending a rally that has pushed the metal up nearly 130 per cent so far this year.

Experts said that the combined boost from global cues, strong sectoral performance and improving geopolitical engagement helped the markets end the week on a positive note.

Source: IANS