Key indices further up as rate hike fears ease out
Foreign bulk deal at Adani helped sharpen the recovery; Sensex, Nifty close higher for 2nd day on gains in global equities; IT, financials shares advance; Markets will remain closed on Tuesday for the Holi festival; 8 of Adani stocks rose over 5%; Adani Enterprises' mcap rises to Rs 2.26 lakh cr; Adani group stocks recoup 30% in 5 sessions and add Rs2 lakh cr to its combined mcap
image for illustrative purpose
- BSE Sensex rose by 415.49 pts or 0.69% to 60,224.46
- 25 of Sensex-30 constituents in the green
- Sensex opened higher and spurted further nearly 690 pts to 60,498.48
- Nifty advanced 117.10 pts or 0.67% to 17,711.45
- 39 of Nifty-50 shares closed in the green
- US mkts higher on positive macro data
- FIIs turned net buyers in oversold market
- Tata Motors, NTPC, RIL, Infosys, TCS, HDFC twins, Tata Motors, ITC, Power Grid and Bajaj Finserv among gainers
- Tata Steel, L&T, Sun Pharma, IndusInd Bank and Ultratech Cement were losers
Mumbai: Benchmark indices Sensex and Nifty advanced for a second consecutive session on Monday on gains in IT, financial and auto stocks following strong global trends. The 30-share BSE benchmark rose by 415.49 points or 0.69 per cent to close at 60,224.46 points with 25 of its constituents ending in the green. The barometer opened higher and spurted further nearly 690 points to touch a high of 60,498.48 in the day trade. The broader Nifty of the National Stock Exchange advanced 117.10 points or 0.67 per cent to settle at 17,711.45.
Vinod Nair, head (research) at Geojit Financial Services, said: “The major concerns that prevailed in the market during the previous weeks were the fear of aggressive Fed policy action, which led to a rise in treasury yields and US dollar, and the uncertainties surrounding Adani. All of these have now shifted in favour of the bulls, as US officials reduced the likelihood of a sharp rate hike, forcing yields and the dollar index to moderate. Additionally, improved market sentiment due to the foreign bulk deal at Adani, the oversold stage of the domestic market, and FII buying helped sharpen the recovery.”
“Markets extended rebound and gained over half a per cent, tracking favourable global cues. After the gap-up start, the Nifty index inched higher to 17,799.95”.
