SENSEX, NIFTY SURGE ON VALUE BUYING
Sensex up 700 points and NSE’S Nifty closes slightly above the 10,200-mark
MUMBAI: The Sensex on Monday spurted over 700 points to scale the 34,000-mark, as investors boosted purchases after a string of declines had taken the barometer indices to a 7-month low last week. The NSE’S Nifty closed slightly above the 10,200-mark.
All the sectors on the BSE and NSE closed in the green. Banking, finance and healthcare stocks, which had taken a beating recently, saw fresh investor interest.
The Nifty settled 220.85 points, or 2.20 per cent, higher at 10,250.85 points. The Sensex, which had opened at 33,549.88, gained 718.09 points, or 2.15 per cent, to close at 34,067.40 points.
The Sensex swung over 800 points, touching a high of 34,154.60 points and a low of 33,341.80.
The top gainers on the BSE were dominated by banking stocks. ICICI Bank jumped 11.46 per cent, while State Bank of India gained 7.90 per cent. Private lender Axis Bank closed 4.96 per cent higher.
Healthy buying was witnessed across all the 19 sectors on the BSE, led by banking, finance and healthcare stocks.
At 3.16 pm, the S&P BSE Sensex traded at 34,111.19, up 761.88 points or 2.28 per cent from its previous close of 33,349.31.
It had opened at 33,549.88 points, touching an intra-day high of 34,116.02 points and a low of 33,341.80. The Nifty50 traded at 10,258.65, up 228.65 points or 2.32 per cent.
Despite negative global cues and lingering macro economic woes, the key domestic indices − the S&P BSE Sensex and NSE Nifty50 − gained over 1.50 per cent on the back of value buying by investors during the afternoon session. All the 19 sectors on the BSE gained, with banking and finance counters leading. Healthy gains were witnessed in exportoriented stocks like healthcare and IT counters.
At 1.40 pm, the Sensex traded 534.75 points up at 33,884.06 points. It opened at 33,549.88 points from its previous close of 33,349.31 points.
It touched an intra-day high of 33,911.38 points and a low of 33,341.80 points. The NSE Nifty50 traded at 10,184.45 points during the afternoon trade session, up 154.45 points and 1.54 per cent.
The domestic currency was trading around Rs 73.42 a dollar from its Friday’s close of 73.46. The benchmark brent crude traded around $77.09 a barrel.
The banking stocks made healthy gains of over 2.50 per cent. The top gainers included ICICI Bank, State Bank of India and Axis Bank.
ICICI Bank gained close to 9 per cent to Rs 343.05 a share even as the private lender on Friday reported a 55.84 per cent year-on-year decline in its standalone net profit for the quarter ended in September.
While State Bank of India gained over 7 per cent at Rs 266.30 apiece, Axis Bank was up over 5 per cent at Rs 568.50 a share. Quarterly results, along with manufacturing PMI and fiscal deficit data, are likely to drive the Indian equity market in the coming week. Market participants and analysts expect value buying in the indices as the market has been largely bearish in the last couple of weeks. In terms of quarterly results, companies like Bank of Baroda, Tata Power, Tata Motors, Union Bank of India, Lupin, DLF, HDFC, Axis Bank, Punjab National Bank, SAIL and Vedanta are likely to announce their second quarter earnings in the coming week.