Snapping its six-day losing streak, the benchmark BSE Sensex today surged 359 points to recover from near eight months low to 26,840.50. While NSE Nifty too halted its seven-session falling trend and reclaimed the 8,100-mark by surging 102.05 points or 1.27 per cent to close at 8,124.45. Sentiments remained positive since beginning of the trade and there appeared not even an iota of profit booking in the session as the benchmarks managed to fervently gain from strength to strength. Here are 5 reasons why the stock markets rose today:
#Deferral of China’s shares into MSCI index: MSCI told China it must further liberalise its capital markets before it will include Chinese domestic shares in one of its global benchmarks
#Appreciation in Indian rupee boosted sentiment (Rupee recovered against US dollar to Rs 63.78 intra-day)
#Market was supported by banking, oil, technology and capital goods stocks. Banking, oil, technology and capital goods stocks
#World Bank’s report that India has figured in top five emerging economies for highest investment commitments despite a drop in investment commitments of $6.2 billion last year.
#Shares of Indian sugar firms rose the government approved Rs 6,000 crore interest-free loan to sugar mills to help them partly clear cane price arrears to farmers that have touched about Rs 21,000 crore. Stocks of Bajaj Hindusthan Sugar Ltd rose 10.05 per cent