Sensex zooms 611 pts, Nifty above 10,400 on global, domestic factors
With the growing optimism of global lead and domestic factors, including macroeconomic data, BSE benchmark index Sensex on Monday spurted by 611 points — the biggest single-day gain in two years. The market insiders said the index finished at one-week high of 33,917.94 following a global relief rally as trade war fears abated on growing optimism over the US economy. The broader Nifty also finished at 10,421.40, up 194.55 points with 47 of its components closing with gains.
Investors lapped up recently battered metal, oil & gas, FMCG, banking, power, infrastructure, IT, auto, and capital goods stocks amid fresh capital inflows by foreign funds ahead of key IIP and inflation data that was to be released after market hours on Monday, brokers said.
After opening on a strong footing, the Sensex advanced to hit a high of 33,962.48 on the back of fresh buying by domestic funds and retail investors.
However, later it gave up some of the gains but still ended up by 610.55 points, or 1.83 per cent, at one-week high of 33,917.94. The index posted its biggest single-day gain since March 1, 2016, when it had jumped 777.35.
The broader Nifty finished at 10,421.40, up 194.55 points, or 1.90 per cent with 47 of its components closing with gains. It touched a high of 10,433.65 points in day trade.
Bharti Airtel rose the most by 4.68 per cent among Sensex scrips its board approved raising up to Rs 16,500 crore for refinancing debt and paying for spectrum liabilities.
Index major ITC surged 4.09 per cent after cigarette cess was kept unchanged at the GST Council meet.
Other prominent gainers included Tata Steel, Axis Bank, ICICI Bank, Yes Bank, Adani Ports, ONGC, Wipro, IndusInd Bank, HDFC, Infosys, RIL, HUL, L&T, Sun Pharma, Kotak Bank, Dr Reddy's, HDFC Bank, TCS and Asian Paints.
Auto stocks rose after domestic passenger vehicle sales increased by 7.77 per cent to 2,75,329 units in February. Tata Motors rose by 3.07 per cent, Hero MotoCorp 2.75 per cent, Maruti Suzuki 1.69 per cent, M&M 1.02 per cent and Bajaj Auto 0.75 per cent.
“Firm global cues and expectation of ease in domestic inflation to 4.74% excited investors to utilise the bargain opportunity. The fear of global trade war is somewhat factored in the market while, increase in US payroll data suggest stability in the economy, which boosted the global trade,” Vinod Nair, Head of Research, Geojit Financial Services Ltd said.
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