May 17 (Punjab Khabarnama) : Amid mixed global signals, the markets closed with gains on Friday due to local buying in big companies like Mahindra & Mahindra, Reliance Industries and ITC. Sensex rose 253 points while Nifty rose 62 points. BSE’s 30-share index Sensex was successful in recovering from the initial low due to the last round of buying. The Sensex closed at 73,917.03, up 253.31 points or 0.34 percent. National Stock Exchange (NSE) index Nifty also increased by 62.25 points or 0.28 percent to reach 22,466.10 points.
Mahindra & Mahindra (M&M), included in the Sensex group, recorded the highest gain of 5.97 percent. This was followed by JSW Steel, Ultra Cement, Kotak Bank, ITC and NTPC. Reliance Industries also rose 0.73 percent. On the contrary, shares of TCS, HCL Tech, HUL, Nestle Industries, Bajaj Finserv, Wipro and Infosys closed with losses.
Vinod Nair, Head of Research, Geojit Financial Services, said, “Despite mixed global cues and uncertainty over the US Fed Reserve, Indian markets managed to make a comeback. This was mainly driven by the better performance of the broader market and positive quarterly results. “
In other markets of Asia, China’s Shanghai Composite and Hong Kong’s Hang Seng closed with gains while South Korea’s Kospi and Japan’s Nikkei remained in decline. Trading was going on in the European markets with a decline. On Thursday, American markets closed with gains. Global oil benchmark Brent crude rose 0.25 percent to US$83.48 per barrel. According to stock market data, foreign institutional investors (FIIs) sold shares worth Rs 776.49 crore on Thursday. On Thursday, BSE Sensex rose 676.69 points to 73,663.72 and NSE Nifty rose 203.30 points to close at 22,403.85.