The benchmark BSE Sensex regained the 27,000-mark on Thursday by surging over 300 points intraday. NSE Nifty too gained regained the crucial 8100-mark and remained remained more than 10 percent below its record high hit in March.
Sensex surged 283.17 points to 27,115.83 in closing trade.
Here are top 5 reasons why BSE Sensex and NSE Nifty rose above 300 points intraday:
1. Advance of South West Monsoon provided some support in boosting investors’ morale
2. Investors took note of Union Finance Minister Arun Jaitley’s statement in the United States that India’s 7.5% economic growth rate is not its best potential growth rate and there is restlessness in the Narendra Modi-led government to boost economic growth and set higher GDP targets in the coming years, too provided some upside.
3. Favourable macroeconomic parameters coupled with a strenghtened rupee lifted sentiment.
4. Gains also tracked higher stocks after the US Federal Reserve signalled that interest rates would rise more slowly than markets had expected.
5. Buying in frontline blue chip counters: Market was led by a surge in index heavyweight Reliance Industries for a fifth day, on optimism the company would begin 4G phone services in December