The benchmark equity indices -- Sensex and Nifty -- ended the intraday trade on a positive note buoyed by the rise in the financial and IT stocks in the hopes of the government announcing more reforms and the RBI further cutting rates.
The benchmark equity indices — Sensex and Nifty — ended the intraday trade on a positive note buoyed by rise in the financial and IT stocks in the hopes of the government announcing more reforms and the RBI further cutting rates. Sensex rallied 280.71 points to end at 37,384.99, while Nifty jumped 97.95 points to 11,080.75. About three shares advanced for every two shares falling on the BSE in today’s trade. Vedanta, ICICI, ONGC, Kotak Bank, Axis Bank, SBI were among the gainers in the Sensex pack. Hindustan Lever, ITC, HDFC Bank, Bharti Airtel and Sun Pharma were the major laggards on BSE.
“Stock Markets are setting up for a strong upmove. A combination of Monetary Policy and Government actions has led to a bottoming of growth which should pick up going forward. Global cues also have been supportive for some time now although Indian Markets were not responding. They should respond going forward. I wouldn’t be surprised if we get a rally of 300-400 points of Nifty next week,” veteran market expert Sandip Sabharwal told Financial Express Online.
“Nifty bounced back with strong market breadth as there was wide participation from the mid and small caps. We mentioned earlier, the undertone continues to remain on the positive side. Index is in a recovery mode and there are more legs on the upside. Nifty is likely to test the 11,300-11,500 zone on the upside,” Amit Shah, Technical Research Analyst with Indiabulls Ventures said.
Meanwhile, the Indian rupee appreciated 6 paise (intra-day) to trade at 71.07 per US dollar. The global oil benchmark Brent crude was trading 0.31 per cent lower at USD 60.19 per barrel.