SENSEX, NIFTY SURGE ON VALUE BUY­ING

Sensex up 700 points and NSE’S Nifty closes slightly above the 10,200-mark

The Gulf Today - Business - - FRONT PAGE -

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.

KEY IN­DICES

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.

Newspapers in English

Newspapers from UAE

© PressReader. All rights reserved.