Sensex vaults 1,330 pts on promising US data
Sensex, Nifty jump over 1.6% to hit over 2-week highs on buying in IT shares, RIL, and rally in global peers; US recession fears, rate cut hopes improved investor sentiment
Sensex vaults 1,330 pts on promising US data
The stability of the JPY has been instrumental in driving a global market recovery. Besides that, the strong US retail sales and a decline in weekly jobless claims have helped alleviate fears of a US recession. On the backdrop of these, the Indian IT firms exhibited strong buying interest - Vinod Nair, Head (Research), Geojit Financial Services
Strong Triggers
♦ All indices up
♦ It’s best single-day gains in over 2 months
♦ BSE Sensex jumped 1,330.96 pts or 1.68% to 80,436.84
♦ During the day, Sensex zoomed 1,412.33 pts or 1.78% to 80,518.21
♦ NSE Nifty surged 397.40 pts or 1.65% to 2-week high of 24,541.15
♦ Tech M, M&M, Tata Motors, UltraTech Cement gainers
♦ Sun Pharma emerged as only laggard
Mumbai: Benchmark Sensex spurted by 1,330 points to close at a two-week high, while Nifty jumped 397 points to settle above the 24,500 level on Friday as easing fears of a recession in the US triggered buying in IT shares amid a sharp global stocks rally.
The 30-share BSE Sensex jumped 1,330.96 points or 1.68 per cent to settle at 80,436.84, marking its best single-day gains in more than two months. During the day, it zoomed 1,412.33 points or 1.78 per cent to 80,518.21. The NSE Nifty surged 397.40 points or 1.65 per cent to close at a two-week high of 24,541.15. “The stability of the Japanese Yen has been instrumental in driving a global market recovery.
Besides that, the strong US retail sales and a decline in weekly jobless claims have helped alleviate fears of a US recession. Further, the market sentiment has improved due to a decrease in US CPI inflation. On the backdrop of these, the Indian IT firms exhibited strong buying interest,” said Vinod Nair, Head (Research), Geojit Financial Services. As many as 47 Nifty shares closed in green, while three closed in red. In the broader market, the BSE midcap gauge jumped 1.80 per cent and smallcap index climbed 1.70 per cent.
Investors richer by Rs 7.30 lakh cr
Investors’ wealth soared by Rs7.30 lakh crore driven by a rally in equities on Friday. The market capitalisation (mcap) of BSE-listed firms surged by Rs7,30,389.86 crore to Rs4,51,59,833.55 cr (Rs451.59 lakh cr or $5.38 trn).
