‘Re­lief rally’ lifts Sen­sex

The Hindu Business Line - - FRONT PAGE -

Stocks got a breather on Fri­day as the ru­pee staged a smart re­cov­ery of over 0.5 paise against the US dollar and global shares, too, wit­nessed a re­lief rally. The Sen­sex gained 732 points, or 2.15 per cent, to close at 34,733. The broader in­dex Nifty rose 237 points. or 2.32 per cent. at 10,472.

Mar­kets around the globe picked up their cues from the US, where the bench­mark in­dices, Dow Jones and Nas­daq looked over­sold on Thurs­day af­ter fall­ing over 5 per cent in just three trad­ing ses­sions. In early trades on Fri­day, the US in­dices were up by about 1 per cent.

Rally could con­tinue

“The Nifty rally could con­tinue for an­other 300 to 400 points as the fall in re­cent weeks was bru­tal, and no­body is likely to go short at these lev­els,” a re­search an­a­lyst told Busi­nessLine.

The ru­pee closed at 73.57, against the pre­vi­ous close of 74.13. The cur­rency has de­clined by 13 per cent in 2018, which has led to for­eign port­fo­lio in­vestors (FPIs) selling more than $10 bil­lion worth of both debt and eq­uity. Bond mar­kets glob­ally have wit­nessed an un­prece­dented rally putting pres­sure on eq­ui­ties, an­a­lysts say.

YES Bank shares rose 3 per cent on news that it had ap­pointed global head­hunter Korn Ferry to as­sist the com­pany’s com­mit­tee in eval­u­at­ing can­di­dates to find a suc­ces­sor to the out­go­ing MD and CEO. Hin­dus­tan Unilever rose 3 per cent ahead of sec­ondquar­ter re­sults. GM Brew­eries rose 5 per cent af­ter it re­ported ro­bust num­bers in the quar­ter ended Septem­ber 2018.

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