Market benchmark Sensex soared 428 points on Friday, tracking strong gains in global equities led by optimism over US-China trade deal and Boris Johnson's win in UK general elections.
Market benchmark Sensex soared 428 points on Friday, tracking strong gains in global equities led by optimism over US-China trade deal and Boris Johnson’s win in UK general elections. After hitting a high of 41,055.80 points, the 30-share BSE Sensex ended 428 points, or 1.05 per cent, higher at 41,009.71. Similarly, the broader NSE Nifty settled 114.90 points, or 0.96 per cent, higher at 12,086.70.
Axis Bank was the top gainer in the Sensex pack, rallying 4.21 per cent, followed by Vedanta 3.75 per cent, SBI 3.39 per cent, Maruti 3.20 per cent, IndusInd Bank 3.07 per cent and Yes Bank 2.87 per cent. On the other hand, Bharti Airtel slipped 1.98 per cent, Kotak Bank 1.38 per cent, Bajaj Auto 0.88 per cent, Asian Paints 0.31 per cent, HDFC Bank 0.05 per cent and HUL 0.03 per cent.
According to traders, investors across the globe were enthused by reports of the completion of the first phase of US-China trade deal and UK Prime Minister Boris Johnson’s stellar victory in the country’s general election. The Trump administration and China are close to finalising a modest trade agreement that would suspend tariffs that are set to kick in Sunday, de-escalating their 17-month trade war.
Reports suggest that US President Donald Trump has give his final approval to the deal. Boris Johnson earlier in the day won a parliamentary majority in the UK’s general elections, ending the uncertainty over Brexit. According to Narendra Solanki, Head Fundamental Research (Investment Services) – AVP Equity Research, Anand Rathi Shares & Stock Brokers, Indian markets shrugged off the higher inflation numbers released post market on Thursday and ended in the green taking positive cues from Asian markets after news of US and China trade deal.
As per government data, rising food prices pushed the retail inflation in November to over three-year high of 5.54 per cent, while the industrial sector output shrank for third month in a row by 3.8 per cent in October. Markets continued to edge higher on hopes of positive announcements by Finance Minister Nirmala Sitharaman at a press conference post market hours, Solanki added.
Bourses in Shanghai, Hong Kong, Seoul and Tokyo soared up to 2.57 per cent. Stocks in Europe were also trading significantly higher. On the currency front, the rupee appreciated 5 paise against the US dollar to 70.78 (intra-day). Brent futures, the global oil benchmark, rose 1.07 per cent to USD 64.89 per barrel.