Wednesday, 17 October, 2018

Sensex soars 600 points on global cues, macroeconomic data

Sensex soars 600 points on global cues, macroeconomic data Sensex soars 600 points on global cues, macroeconomic data
Nellie Chapman | 12 March, 2018, 14:07

On Friday, the NSE Nifty had closed 15.80 points, or 0.15 per cent, lower at 10,226.85 while the BSE Sensex shed 44.43 points (0.13 per cent) to settle at 33,307.14. Firm trend in other Asian markets and higher opening in European bourses, following a good show by Wall Street on Friday, lifted investors' mood in domestic markets.

Biggest gainers in the 30-share index were ITC (2.81%), Tata Steel (1.49%), Tata Consultancy Services (1.40%), Wipro (1.33%), Housing Development Finance Corporation (1.30%), and Infosys (1.28%). This is the biggest single-day gain since March 2016. Dow Jones surged 440 points to close at 25335.74 and S&P 500 rose 1.7 per cent to end the day at 2786.57.

In the global markets, a relief rally swept across Asian share markets after the latest U.S. jobs report managed to impress with its strength while also easing fears of inflation and faster rate hikes. Investors awaited February CPI inflation and January industrial output data due later today.

"Asian stocks boosted sentiment on the domestic bourses while global stocks gained as worldwide trade-war concerns abated and were replaced by economic optimism following a stronger United States jobs report released over the weekend", Karthikraj Lakshmanan, Senior Fund Manager - Equities, BNP Paribas Mutual Fund said.

Back home, the BSE metal index took the pole position among sectoral indices, rising 2.32 per cent as trade war fears ease and strength in equity market is also supporting metals prices and the long term outlook on demand growth is positive. Broader markets slightly underperformed with marginal losses of 0.3 per cent.