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Sensex soars 275 pts to hit two-month high to boost sentiments

Equities Logged Their Third Straight Weekly Rise Today After The Benchmark BSE Sensex Jumped By 275 Points To 24,952.74 -- Its Over Two-month High—as Foreign Funds Continued To Pump In Money Amid A Firm Global Trend On Dovish Stance Of The US Federal Reserve. The Broader NSE Nifty Too Recaptured The 7,600-mark.

News Nation Bureau | Edited By : Pankaj Samantray | Updated on: 18 Mar 2016, 05:56:23 PM

Mumbai :

Equities logged their third straight weekly rise today after the benchmark BSE Sensex jumped by 275 points to 24,952.74 -- its over two-month high—as foreign funds continued to pump in money amid a firm global trend on dovish stance of the US Federal Reserve. The broader NSE Nifty too recaptured the 7,600-mark.

Shares of IT major, TCS emerged as the top gainer among Sensex constituents with a rise of 3.21 per cent to Rs 2,427.25 followed by GAIL at 3.13 per cent to Rs 364.15.

Barring pharma, all the segments like power, telecom, realty, banking, infra and auto gained.

Both the indexes surged for a third consecutive week as BSE Sensex climbed by 234.75 points or 0.94 per cent while NSE Nifty surged 94.15 points or 1.25 per cent.

The rupee appreciating to an over two-month high against the dollar also boosted trading sentiment.

“Global central banks’ policy action has favoured the domestic market. The continuous inflow of foreign funds and pickup in the Chinese market has created a positive sentiment in the market,” said Vinod Nair Head of Fundamental Research at Geojit BNP Paribas.

On the day, Sensex opened higher at 24,729.41 and moved between 24,986.94 and 24,681.64, before ending at 24,952.74, showing a sharp rise of 275.37 points or 1.12 per cent - its highest closing since January 6.

The NSE Nifty rallied by 91.80 points or 1.22 per cent to close at 7,604.35.

Sentiment was bullish on firm Asian cues on dovish US Federal Reserve stance, underpinned by continued capital inflows into emerging markets loomed over the momentum.

DLF’s scrip ended over 2 per cent higher after the company sold its shopping mall at Saket in the national capital to its wholly-owned subsidiary for Rs 904.5 crore as part of the strategy to consolidate and monetise the rental assets.

Meanwhile, foreign investors bought shares worth a net Rs 744.49 crore yesterday, provisional data showed.

Asian markets ended higher after US indexes closed higher overnight and oil prices hit their highest levels for this year while stronger Asian currencies against the dollar also aided the sentiment.

European shares also opened higher on dovish Federal Reserve statement.

Major gainers were TCS (3.21 pc), GAIL (3.13 pc), Adani Ports (2.66 pc), SBI (2.63 pc), Infosys (2.59 pc), BHEL (2.26 pc), M&M (2.11 pc), Tata Steel (2.10 pc), Axis Bank (1.87 pc), HDFC (1.62 pc), Dr Reddy’s (1.56 pc), Wipro (1.56 pc), Tata Motors (1.34 pc) and Bajaj Auto (1.32 pc).

However, Lupin dropped by 6.90 per cent and Sun Pharma plunged 1.49 per cent.

Among the major indices, IT rose by 2.31 per cent followed by teck 2.17 per cent, metal 2.14 per cent, realty 1.57 per cent, bankex 1.47 per cent, telecom 1.45 per cent, auto 1.36 per cent and finance 1.19 per cent.

However, the market breadth remained negative as 1,310 shares ended lower, 1,293 closed higher while 185 ruled steady.

The total turnover rose further to Rs 2,755.22 crore from Rs 2,627.87 crore yesterday.

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First Published : 18 Mar 2016, 05:53:00 PM