Mumbai: As the market closed for the week, investors returned home with big gains on Friday. It was a massive rally on the Dalal Street with a steady swift upmove. The Sensex soared 269.69 points or 1.39 per cent at 19683.23 while the Nifty closed at 5945.70 up 82.40 points or 1.41 per cent.
The market remained its uptrend move on global cues but investors will be keenly watching inflation and IIP data which will be announced next week.
Strength in metals, oil &gas and banking stocks led to the massive rally on the Dalal Street. Top gainers on the Sensex were Jindal Steel (5.7 per cent) while HDFC, GAIL, HDFC Bank and Tata Steel were up between 2-4 per cent each.
Aviation stocks saw a renewed interest among buyers.
Shares of Jet Airways rallied 10 per cent to close at Rs 554.10 on renewed hopes that the stake sale to Gulf-based Etihad Airways will be inked shortly. According to the latest information, Etihad may buy 10-12 per cent in Jet from the promoters for a price between Rs 700-750 per share, reports CNBC-TV18, quoting unnamed sources. It will buy the additional stake through a preferential allotment of shares, sources said.
Shares of Kingfisher Airlines (KFA) were locked at 5 per cent upper circuit after the company agreed to pay six months' salary to its employees. The stock closed at Rs 10.03 up 4.8 per cent on the BSE.
Banking stocks have been rallying on the hopes of a rate cut by the Reserve Bank of India in its monetary policy on March 19. IndusInd Bank (up 3.9 per cent), Kotak Mahindra Bank (up 2.3 per cent) and HDFC Bank (up 2.4 per cent) were the biggest gainers.
Another big mover of the day was Orchid Chemicals and Pharmaceuticals which ended after gaining 15 per cent at Rs 80.45 on the BSE. The stock extended its previous day's rally on back of heavy volumes on the Sensex.
On the downside were Maruti Suzuki, Infosys, Wipro, Tata Morors and TCS losing around 1 per cent each. IT stocks corrected today after a heady run this week.
Analyst SP Tulsian feels that probably the position is shifting more into the high beta stocks or maybe into the other non-IT stocks.
"I am not too worried about the profit corrections across the board, which can bring down the Nifty. The positive view continues to remain ahead of the RBI meet where it is seen that probably the rate cut of at least 25 bps will be seen. It will be quite positive for the banking and automobile stocks and because of that I expect that Nifty can breach 6,000 in the next week. Maybe one can look about 6,050 also on the Nifty future probably then the caution maybe exercised in the market at those levels," he adds.