After days of dithering, bulls made a strong comeback today, with the Sensex surging 456 points to reclaim the 26,000-mark on the first day of December series, led by gains in export-oriented IT and pharma on a rebounding rupee. This was the benchmark’s biggest single day gain since October 18, when it had surged 520.91 points. The Sensex opened higher at 25,953.24 and hovered in a range of 25,874.45 and 26,343.95 before ending at 26,316.34, showing a gain of 456.17 points or 1.76 per cent.
The NSE 50-share Nifty rose by 148.80 points or 1.87 per cent to close above 8,100-level at 8,114.30. After touching a fresh all-time low against the US dollar yesterday, the rupee jumped 27 paise to end at 68.46. “With fresh positions being initiated in December futures and options (F&O) series, and with rupee strengthening sharply, market found its voice, and registered gains across sectors,” said Anand James, Chief Market Strategist, Geojit BNP Paribas Financial Services.
Gains were initially seen in IT and metal sectors, but mid-caps too joined the rally, suggesting that risk appetite had improved after a fortnight-long selling spree had rendered prices ripe for value picking, he added. In the IT pack, TCS rose 5.23 per cent, followed by Infosys (4.78 per cent) and Wipro (3.09 per cent), while pharma sector gainers were Sun Pharma (4.18 per cent), Aurobindo Pharma (4.07 per cent), Lupin (3.36 per cent) and Cipla (1.75 per cent). Today’s rally helped the markets wipe-off losses posted earlier this week. Both the Sensex and Nifty ended the week higher by 166.10 points (0.63 per cent) and 40.20 points (0.49 per cent), respectively. Fitch Ratings today said it expects India’s GDP growth to trend higher than China’s in the medium term, adding that it would accelerate next fiscal on the back of reforms and monetary policy easing, which may have contributed to the market upmove.
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3:34 PM: The benchmark BSE Sensex gained over 455 points to close at 26,316.34, NSE Nifty settled at 8,114.30.
3:25 PM: BSE Sensex was up by close to 460 points at 26,319.96, NSE Nifty touched 8,114.95.
3:21 PM: BSE Sensex was up by over 450 points at 26,314.43, NSE Nifty touched 8,109.05.
3:13 PM: BSE Sensex was up by close to 480 points at 26,339.48, NSE Nifty touched 8,111.05.
3:03 PM: BSE Sensex was up by 400 points at 26,277.71, NSE Nifty touched 8,103.40
2:45 PM: BSE Sensex was trading close to 400 points up at 26,259.16, NSE Nifty touched 8,096.45.
2:24 PM: BSE Sensex was trading over 360 points up at 26,223.22, NSE Nifty touched 8,087.55.
2:07 PM: BSE Sensex was trading over 340 points up at 26,204.97, NSE Nifty touched 8,083.25.
1:43 PM: BSE Sensex was trading over 330 points up at 26,195.42, NSE Nifty touched 8,083.00.
1:03 PM: BSE Sensex was trading over 290 points up at 26,151.00, NSE Nifty touched 8,069.90.
12:21 PM: BSE Sensex was trading over 280 points up at 26,144.91, NSE Nifty touched 8,067.05.
11:58 AM: BSE Sensex reclaimed the psychological 26,000-level by rallying over 242 points in late morning deals on sustained bouts of buying in key frontline shares led by IT, tech, utilities, metal sectors amid higher Asian cues.
11:50 AM: BSE Sensex was trading over 260 points at 26,121.30, NSE Nifty touched 8,060.95
11:32 PM: Investors have been cautious for the past few sessions as the rupee plunged to a record low of 68.86 (intra-day) against the dollar yesterday as the demonetisation after-effects played out and concerns grew about a possible Fed rate hike in the near term.
11:11 AM: BSE Sensex was trading close to 240 points at 26,095.10, NSE Nifty touched 8,046.95.
10:27 AM: BSE Sensex gained momentum by trading close to 120 points at 25,979.17, NSE Nifty touched 8,022.45.
10:04 AM: BSE Sensex gained momentum by trading over 160 points at 26,023.41, NSE Nifty touched 8,032.65.
9:51 AM: BSE Sensex gained momentum by trading over 100 points at 25,962.64, NSE Nifty touched 8,004.55.
The benchmark BSE Sensex opened positively as it was trading over 75 points at 25,937.97, NSE Nifty at 7,998.30
Asian stocks steadied on Friday as the Thanksgiving break in the United States pegged the dollar’s relentless surge that had sucked capital out of most emerging markets. MSCI’s broadest index of Asia-Pacific shares outside Japan inched up 0.05 percent on Friday. It is poised to end the week 0.8 percent higher, but remains down almost 2 percent from its close on November 8 before Donald Trump’s surprise election to president, whose protectionist campaign promises are widely seen as negative for the region. Broader emerging market stocks have also taken a hit, with the MSCI Emerging Markets index down 0.5 percent on Friday. Although the index is up 0.9 percent for the week, it remains 5.6 percent below its Nov. 8 closing price. Wall Street was closed on Thursday for the Thanksgiving holiday and trading will end early on Friday. European markets ended on a positive note, with the Stoxx 600 index gaining 0.3 percent at the close. The dollar index, which tracks the greenback against a basket of six major global peers, climbed 0.1 percent to 101.84 early on Friday, after touching 102.05, the highest level since March 2003, on Thursday. The US currency has been on a tear since Trump’s win spurred reflation bets and higher-than-expected Federal Reserve interest rate increases. The benchmark BSE Sensex plunged by over 190 points down to close at 25,860.17, while NSE Nifty was trading 0.84% down to settle at 7,965.50.
Strong U.S. manufacturing and consumer data this week have bolstered that case. The dollar index has risen 0.6 percent this week. The dollar’s strength has pummeled other currencies. It climbed to the highest level since March 28 versus the yen on Thursday, and was up 0.3 percent at 113.68 yen early on Friday. It is up 2.5 percent for the week. That has proved a boon for Japanese stocks, with the Nikkei 225 advancing 0.5 percent on Friday to the highest level since January. It is on track for a weekly gain of 2.6 percent. The dollar’s surge and nervousness ahead of Italy’s constitutional referendum on Dec. 4 have weighed on the euro. The common currency slumped to the lowest level since March 2015 against the dollar on Thursday, and was little changed in early Asian trade on Friday. Elsewhere in markets, oil prices held steady, as investors looked to next week’s meeting of the Organization of the Petroleum Exporting Countries (OPEC) for clarity on proposed output caps. U.S. crude futures were flat at $47.92, set to clock a weekly increase of 4.9 percent, building on last week’s 5.3 percent jump.
Gold remained under pressure, little changed at $1,182.86 an ounce on Friday, down 2.1 percent this week. It has plunged a whopping 7.2 percent since its close before the U.S. election results were announced.