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The Indian stock market ended with smart gains on Friday as investors sentiments were buoyed by rupee appreciation. U.S. dollar weakened, while crude oil prices rebounded in Asian trade.
The buying was so fierce that not a single sectoral index on the NSE ended with losses; FMCG, realty, pharma, IT, banking, media, financial services and auto stocks ended among the top gainers. Even the mid-cap and the small-cap stocks participated in today’s rally.
The BSE Sensex ended with a gain of 260 points at 26,626. The benchmark indices opened at 26,442 touched an intra-day high of 26,678 and low of 26,407. The NSE Nifty closed 82 points higher at 8,186 points. It opened at 8,120 points, hitting a high of 8,197 and low of 8,115.
Sentiment was optimistic after Finance Minister Arun Jaitley said that the effect of note ban is evidently visible with the country’s tax collection figures revealing double-digit growth. Jaitley highlighted that till November 30, there has been a 26.2% rise in central indirect tax collection and till December 19, direct tax collection has risen by 14.4%. Besides, appreciation in Indian rupee against the dollar has also supported the sentiment.
The Nifty Pharma index declined over 14% in 2016 as several companies failed to meet the US Food and Drug Administration's quality standards. The index had gained 34% in the last three years, while over the last five years, it had surged 125%.
Of the five pharmaceutical stocks that are both on the Nifty 50 and Nifty Pharma, the shares of Aurobindo Pharma and Sun Pharmaceutical Industries declined 24% each in 2016. While shares of Lupin declined 19%, those of Cipla fell 12% and Dr. Reddy's Laboratories fell nearly 2% in 2016.
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