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Indian benchmark indices rally on Friday to halt its three-week losing spree

India Blooms News Service | | Jan 29, 2016, at 10:50 pm

#Indian benchmark indices rally # Indian benchmark

Mumbai, Jan 29 (IBNS): Indian benchmark indices ended 1% up as the market closed on Friday, with the Sensex touching 4870.69 (up 401.12 points) and Nifty touching 7,563 (up 138.90 points), largely due to a rebound in commodity prices and firm global cues, thus halting its three-week losing streak.

Earlier on Friday, the Bank of Japan (BoJ) pushed to adopt negative interest rates to stimulate the Japanese economy, which fuelled the global risk appetite for equities; Asian markets gained between 1% and 3%.

Global oil prices trading above $34 a barrel and heading towards their second weekly gain also boosted market sentiments.

Sentiments in the Indian market improved further after the latest government report revealed that India’s fiscal deficit stood at Rs 4.88 lakh crore during April-December, or 87.9% of the full-year target, indicating an improvement in its finances.

The deficit was 100.2% of the full-year target during the same period a year ago.

Yes Bank's shares surged 11.2% afte rit reported a better-than-expected 25% increase in quarterly profit.

Other leading gainers on Friday were Reliance Industries, Housing Development Finance Corp., Infosys, Vedanta,Larsen & Toubro, Sun Pharma, Hero MotoCorp and Coal India.

The losers included ICICI Bank, Maruti Suzuki, Bank of Baroda, State Bank of India, Tata Steel and Bharti Airtel.

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