Sensex surges 1,047 points on firm global cues; Nifty settles at 17,287 - Times of India

Sensex surges 1,047 points on firm global cues; Nifty settles at 17,287 – Times of India

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NEW DELHI: Equity indices surged yet again on Thursday with the benchmark BSE sensex rising over 1,000 points led by gains in realty, financial stocks amid positive cues from global markets.
The 30-share BSE index jumped 1,047 points or 1.84 per cent to close at 57,864. While, the broader NSE Nifty settled 312 points or 1.84 per cent higher at 17,287.
HDFC, Titan, Kotak Bank, Reliance and Asian Paints were the top gainers in the sensex pack rising as much as 5.5 per cent. Whereas, Infosys and HCL Tech were the only losers.
On the NSE platform, sub-indices Nifty Realty, Financial Services and Consumer Durables gained as much as 3.13 per cent.
Broader Asian markets climbed, joining a rally in Wall Street, after the US central bank increased rates by an expected quarter point while signalling equivalent hikes at every meeting for the rest of the year.
“The next few days you will see a more steadied response to the Fed hike by major portfolio managers and allocators who will look at the implications (of the hike),” Joseph Thomas, head of research at Emkay Wealth Management told news agency Reuters.
Besides, lower oil prices that allayed inflation fears, progress in Russia-Ukraine talks, and more relaxations to Covid-19 curbs such as reopening of schools amid an expanded vaccination drive for children helped the markets perform well this week.
V K Vijayakumar, chief investment strategist at Geojit Financial Services told news agency PTI that market were oversold and the consequent short-covering pushed indices higher.
“The market drew confidence from the Fed chief Powel’s statement that the American economy is very strong and well positioned to handle tighter monetary policy,” he said.
“FPIs turning buyers after a long time and softness in crude will support the market. There is upward potential in financials, particularly in high quality private banks in which FPIs were sustained sellers,” he added.
Meanwhile, foreign institutional investors (FIIs) emerged as net buyers after they bought shares worth Rs 311.99 crore on Wednesday, as per exchange data.



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