Sensex ends 732 points higher, Nifty closes at 10,472; auto, banks gain big

CNBC

Market at Close: What a day! Bulls took the mantle back from bears on Friday, almost erasing all of Thursday’s losses. The Sensex ended over 700 points higher, while the Nifty ended above 10,450-mark. 

Barring tech stocks, there was buying across all sectors. Banks, automobiles, energy and metal names were the big gainers. The Nifty Midcap index is up around 3 percent. 
Indian market rallied despite a weakness in the US markets, where the Dow closed over 500 points lower. 
At the close of market hours, the Sensex ended up 732.43 points or 2.15% at 34733.58, while the Nifty closed higher by 237.80 points or 2.32% at 10472.50. The market breadth was positive as 2,024 shares advanced, against a decline of 630 shares, while 801 shares were unchanged.
Maruti Suzuki, Mahindra & Mahindra, and Eicher Motors are the top gainers. TCS and HCL Technologies were the big losers. 
Buzzing: Shares in India's United Breweries fell as much as 3 percent on Friday, a day after Reuters reported the brewer and two of its global rivals, had been raided in India as part of an ongoing investigation into price-fixing allegations, reported Reuters.
Reuters reported on Thursday that the Competition Commission of India conducted search and seizure operations at the offices of India's United Breweries (UB), Denmark's Carlsberg and the world's largest brewer Anheuser-Busch InBev (AB InBev) in at least two Indian cities.
Market Check: Benchmark indices extended their morning gains with Sensex and Nifty are trading higher with 2 percent gains. 
The Sensex is up 693.67 points at 34694.82, while Nifty is up 214.90 points at 10449.60. About 1812 shares have advanced, 419 shares declined, and 1204 shares are unchanged. 
Barring IT index, all other sectoral indices are trading in green with maximum gain seen in the auto, metal, and energy space.   
Hadrien Mendonca recommends buy on Pfizer: The company has been under pressure since hitting its all-time high of Rs 3,847 on August 28, 2018. However, for the first time, the stock has managed to stage a solid come back which has aided Pfizer to break out from a falling channel pattern on the daily chart.
The stock has also found support at its long-term 200-DEMA of Rs 2,580 and bounced back. It has also reversed from the 61.8 percent retracement zone of Rs 2,508 which further accentuates our bullish stance on the stock.
Market at Pre-opening: Benchmark indices are trading higher in the pre-opening trade with Nifty is above 10,300 mark.
At 09:01 hrs IST, the Sensex is up 234.76 points or 0.69% at 34235.91, and the Nifty up 95.70 points or 0.94% at 10330.40.
HDFC, JSPL, Yes Bank, GM Breweries are among the major gainers in the pre-opening trade.
Crude price update: Oil prices steadied on Friday after a market rout driven by sharp falls in equity markets and indications that supply concerns have been overblown, but were still on track for a fall or more than 4 percent for the week.
Brent crude futures edged up 13 cents to $80.39 a barrel by 0042 GMT. The contract fell 3.4 percent on Thursday, after hitting a low of $79.80, its weakest since September 24.
Gold Update: Gold edged down on Friday but held near an over two-month high hit in the previous session, when prices surged over 2 percent as a rout in global stock markets boosted the metal's safe-haven appeal.
Spot gold was down 0.2 percent at USD 1,221.06 an ounce. On Thursday, it jumped about 2.5 percent after marking its highest since July 31 at USD 1,226.27. That was also the metal's best one-day percentage gain since June 2016.
Asian markets trade mixed: Asian shares appeared tentative on Friday, holding steady after a nine-day losing streak, but sentiment was frail after Wall Street shares crumbled and expectations of market volatility shot up to an eight-month high.
Worries about the economic impact of a Sino-US trade war, a spike in US bond yields this week and caution ahead of earnings seasons are all cited as potential reasons behind the selloff, the biggest market rout since February.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2 percent after the opening of the South Korea and Australian markets, a day after it fell 3.6 percent to hit 1-and-a-1/2 year low. Japan's Nikkei fell 0.6 percent.
Wall Street extends slide: Wall Street indexes continued their slide in Thursday's volatile session as investors worried about rising interest rates and braced for a trade war hit to corporate earnings a day ahead of the quarterly reporting season kickoff, reported Reuters.
In its sixth consecutive day of declines, the S&P closed down 2.1 percent after shedding 3 percent in Wednesday's session. But at its session low the benchmark fell 2.7 percent to its lowest level since early July.
The Dow Jones Industrial Average fell 545.91 points, or 2.13 percent, to 25,052.83, the S&P 500 lost 57.31 points, or 2.06 percent, to 2,728.37 and the Nasdaq Composite dropped 92.99 points, or 1.25 percent, to 7,329.06.