The Indian benchmark Sensex index on Friday reclaimed the 38,000 level, buoyed by sustained buying in banking and IT counters. The 30-share BSE frontline index traded at the highest levels since September 17, 2018. The broader NSE Nifty50 also traded above 10,400 level for the first time since September 18, 2018. The upbeat sentiment stems largely from optimism that the incumbent Modi government would retain power in the upcoming Lok Sabah polls amid largely positive Asian cues.

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At 12.15 pm, the Sensex traded higher by 259 points, or 0.69 percent, at 38,014. The Nifty was at 11425, adding 82 points, or 0.72 percent. Broader markets lagged behind frontline indexes. The Nifty MidCap and BSE MidCap indexes rose slightly below half a percent mark.

“The recent rally, which has taken place post consolidation of four months, was pending and is likely to stay... We are likely to breach the (NSE index) peak of 11,760 in the short term,” Reuters quoted Pritesh Mehta, senior vice president, Yes Securities.

Nifty PSU Bank was leading 34 advancing sectors with the sectoral gauge itself rising almost 2 percent. Nifty Media, BSE Bankex, Nifty IT and BSE IT were other top sectoral gainers, rising in the range between 1 and 2 percent.

BSE Telecom slipped 1.91 percent, leading as many as 9 falling sectors. FMCG and metal were other laggards, falling by up to a percent.

Among index gainers, Kotak Mahindra Bank, Zee Entertainment, Indian Oil, Power Grid, Tata Consultancy Services, State Bank of India and ICICI Bank rose in the range between 1 and 5 percent.

Kotak Mahindra Bank shares surged almost 5 percent on block deals by mutual funds.

Shares of CG Power and Industrial Solutions

surged over 4.5 percent to hit an intra-day high of Rs 44.25 on the National Stock Exchange.

Among index losers, Hindustan Unilever dipped more than 2 percent as the street fears sluggish January-March quarter, according to a Cogencis report.

Bharti Airtel Ltd dropped as much as 2.63 percent after Jefferies downgraded the stock to “underperform” from “hold” and cut its price target to Rs 270 from Rs 280.

Meanwhile, the rupee opened higher against the greenback on Friday, extending gains for the fifth session in a row, on sustained foreign fund flows ahead of general elections. The home currency traded at 69.23 per US dollar at 12.32 pm.

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- with inputs from agencies

First Published:Mar 15, 2019 12:46 PM IST