Live
- Contrarians in sight amid low volumes-led pull back rally
- ‘Ksheera Sagara Madhanam’ enthrals audience
- Nifty back below 200EMA/ 200DMAs
- US Navy shoots down own jets over Red Sea
- Nara Devansh sets world record in chess
- Team India cross their fingers
- 3 energy efficient projects to reduce power bills in AP
- Governor Jishnu Dev Varma to Attend ABVP 43rd State Conference in Siddipet Today
- Transgenders to Begin Traffic Assistant Duties in Hyderabad from Tomorrow
- Police Security Tightened at Allu Arjun’s Residence After OU JAC Vandalism
Positive US data spurs bull run on Dalal St
- Sensex, Nifty jump over 1.6% to hit over 2-week highs onbuying in IT shares, RIL, and rally in global peers; US recession fears, rate cut hopesimproved investor sentiment
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. All indices ended higher. “The Indian frontline indices traded significantly higher today, mirroring the positive global market sentiment. The gains in the market were broad-based as the mid-cap and small-cap indices also moved higher. This upbeat market mood was primarily driven by reduced volatility, which stemmed from increased expectations of a US rate cut in September,” added AvdhutBagkar, Analyst (Technical and Derivatives), StoxBox On the weekly front, the BSE benchmark jumped 730.93 points or 0.91 per cent, the Nifty climbed 173.65 points or 0.71 per cent.
From Sensex firms, Tech Mahindra, Mahindra & Mahindra, Tata Motors, UltraTech Cement, Tata Consultancy Services, HCL Technologies, ICICI Bank and Tata Steel were the biggest gainers. Sun Pharma emerged as the only laggard.
IT index soared 2.72 per cent and realty jumped 2.45 per cent. Teck (2.23 per cent), auto (1.90 per cent), commodities (1.89 per cent), power (1.80 per cent), financial services (1.77 per cent) and consumer discretionary (1.74 per cent) also closed higher.
Investors richer by Rs 7.30 lakh cr
Investors’ wealth soared by Rs7.30 lakh crore on Friday, 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).
