Sen­sex gains 396 pts on US-China trade talks

The Times of India (New Delhi edition) - - Times Business -

Mum­bai: The BSE sen­sex zoomed 396 points on Thurs­day, pro­pelled by bank, auto and en­ergy stocks, as Septem­ber se­ries de­riv­a­tives ex­pired amid pos­i­tive global cues. Global mar­kets were gal­vanised by US Pres­i­dent Don­ald Trump’s com­ments that a trade deal with China could hap­pen sooner than ex­pected.

Do­mes­tic eq­ui­ties rose fur­ther as Septem­ber fu­tures and op­tions ex­pired, traders said, adding that in­vestors re­main op­ti­mistic ahead of the Re­serve Bank’s pol­icy re­view meet next week. Af­ter ral­ly­ing 565 points dur­ing the day, the 30-share sen­sex ended 396 points, or 1%, higher at 38,990. Sim­i­larly, the broader NSE Nifty soared 131 points, or 1.2%, to end at 11,571.

Top gain­ers in the sen­sex pack in­cluded Vedanta, M&M, ICICI Bank, Tata Steel, ONGC, Maruti, In­dusInd Bank, L&T, Hero Mo­toCorp, Ba­jaj Fi­nance, Ko­tak Bank and Re­liance, surg­ing up to 6.5%. On the other hand, Yes Bank, In­fosys, HUL, HCL Tech, HDFC, NTPC, Pow­erGrid and TCS dropped up to 4.9%. “Mo­men­tum was broad-based with auto, banks and me­tals lead­ing the gains on ex­pec­ta­tion of bet­ter de­mand dur­ing fes­tive sea­son. This pos­i­tive trend is likely to be main­tained in com­bi­na­tion with ease in trade war and do­mes­tic stim­u­lus,” said Vinod Nair, head of re­search, Geo­jit Fi­nan­cial Ser­vices.

Sec­torally, BSE metal, realty, oil and gas, auto, en­ergy, ba­sic ma­te­ri­als, cap­i­tal goods, bankex and fi­nance in­dices ral­lied up to 4.2%. How­ever, IT and teck in­dices fin­ished lower.

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