Indian equity benchmarks ended higher on Friday but gains were restricted by caution in the wake of escalating tensions between India and Pakistan after the Indian Army conducted Surgical Strikes in the Pakistani-ruled Kashmir on Wednesday night targeting specific militant hideouts and killing militants that were planning to infiltrate the country and carry out attacks in major cities.
The 30-share SENSEX closed at 27,865.96, up by 38.43 points or by 0.14 per cent and the NSE Nifty ended at 8,611.15, up by 19.9 points or by 0.23 per cent. The BSE Sensex touched intraday high of 27,955.21 and intraday low of 27,716.78 The NSE Nifty touched intraday high of 8,637.15 and intraday low of 8,555.2.
Further, worries that a brewing crisis at German lender Deutshe Bank may spark a global financial contagion also curbed risk taking appetite. Traders were also eying the RBI’s monetary policy meet on Tuesday amid hopes of a 25 bps interest rate cut.
The top gainers of the BSE Sensex pack were GAIL (India) Ltd. (up 3.06 per cent), Mahindra & Mahindra Ltd. (up 3.06 per cent), Oil And Natural Gas Corporation Ltd. (up 2.19 per cent), Tata Steel Ltd. (up 1.78 per cent) and Tata Motors Ltd. (up 1.62 per cent), among others.
On the Sectoral front, Realty and Oil & gas rose 3.16 per cent and 1.7 per cent, respectively.
The Market breadth, indicating the overall health of the market, was strong. On BSE out of total shares traded 3037, shares advanced were 2131 while 707 shares declined and 199 were unchanged.
Asian stocks tumbled on Friday as fears rose that the troubles of Deutshe Bank which faces a USD 14 billion penalty could spread to financial markets worldwide. Shares of Deutsche Bank hit a record low and its credit risk hit a record as reports surfaced that some hedge funds were moving to reduce their financial exposure to the bank. Chinese shares rose as a country’s manufacturing gauge edged up to 50.1 in September from 50 in August, Hang Seng tumbled nearly 2 per cent and Nikkei 225 fell over 1.4 per cent amid soft consumer spending and inflation data.