Sensex jumps 440 points on global cues, corprate earnings; Nifty hits 16-month high

By: | Updated: August 30, 2016 5:58 PM

The BSE Sensex zoomed 440.35 points to close at 28343.01, while the NSE Nifty gained 136.90 points or 1.59 per cent to settle at 8,744.35 to hit its 16 month high.

BSE Sensex NSE NiftyThe BSE Sensex zoomed 440.35 points to close at 28343.01, while the NSE Nifty gained 136.90 points or 1.59 per cent to settle at 8,744.35 to hit its 16 month high.(Photo: Reuters)

Domestic equity markets remained strong throughout the day on Tuesday on account of global cues and positive corporate earnings. Sentiments also got a boost from Reserve Bank of India’s Annual report that indicated the near-term growth outlook for India seems brighter than last fiscal and the economy is likely to expand at 7.6 per cent in 2016-17. The BSE Sensex zoomed 440.35 points to close at 28343.01, while the NSE Nifty gained 136.90 points or 1.59 per cent to settle at 8,744.35 to hit its 16 month high.

The BSE Sensex touched a high and a low 28478.02 and 28010.66, respectively. There were 29 stocks advancing against just 1 stock declining on the index. The broader indices ended in green; the BSE Mid cap index rose 0.80%, while Small cap index was up by 1.02 per cent.

Jayant Manglik, President, Retail Distribution, Religare Securities Ltd said, ” Finally, the month-long consolidation phase in Nifty ended with a decisive break above 8700 on Tuesday. After gap-up start, rotational buying in index majors kept the momentum going till the end and also aided benchmark to close at the day’s high. It’s now clear that we’re heading toward 8850 in Nifty in near term, but traders should maintain extra caution in stock selection post this surge. Auto, private banking and NBFCs are continuing their outperformance on expected line and now rebound in other sectoral indices is an added plus. So, focus more on stock selection and avoid contrarian trades.”

Among the sectoral indices on the BSE, Auto was up by 1.81 per cent, IT up by 1.77 per cent, Bankex up by 1.49 per cent, FMCG up by 1.41 per cent and TECK up by 1.29 per cent, while there were no losers on the sectoral space.

The top gainers on the Sensex were Asian Paints up by 3.20 per cent, Bajaj Auto up by 3.09 per cent, Maruti Suzuki up by 2.83 per cent, GAIL India up by 2.69 per cent and HDFC Bank up by 2.35 per cent. On the flip side, Bharti Airtel down by 2.82 per cent was the only loser on the Sensex.

The Nifty traded in a range of 8,750.60 and 8,642.25. There were 47 stocks advancing against 4 decliners on the index.

The top gainers on Nifty were Ambuja Cement up by 3.97 per cent, Bosch up by 3.94 per cent, Grasim Industries up by 3.55 per cent, ACC up by 3.50 per cent and Eicher Motors up by 3.24 per cent. On the flip side, Bharti Airtel down by 3.08 per cent, Idea Cellular down by 0.64 per cent, Zee Entertainment down by 0.21 per cent and BHEL down by 0.18 per cent were the top losers.

The European markets were trading in green; UK’s FTSE 100 increased 8.28 points or 0.12% to 6,846.33, France’s CAC increased 38.9 points or 0.88% to 4,463.15 and Germany’s DAX increased 108.02 points or 1.02% to 10,652.46.

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