The benchmark equity indices surged in the last hour of trade amid developments around the US-China trade war, with Sensex recovering 375 points and Nifty regaining over 100 points.
The benchmark equity indices surged in the last hour of trade amid developments around the US-China trade war, with Sensex recovering 375 points and Nifty regaining over 100 points. At the closing bell, the 30-share BSE Sensex settled with gains of 174.84 points or 0.43 per cent at 40,850.29. The index swung between a high of 40,886.87 and a low of 40,475.83 during the day. While BSE Sensex rose 174.84 points to close at 40,850.29, Nifty up 43.10 points at 12,037.30.
Nifty PSU Bank, IT and metals gained the most amongst indices. While Nifty Bank ended up 535 points, the midcap index gained 184 points from lows. Nearly1251 shares have advanced, 1197 shares declined, and 200 shares are unchanged. Among the major gainers were Tata Motors, Yes Bank, ICICI Bank, Vedanta, and Hindalco Industries. The losers included L&T, Reliance Industries, Coal India, IOC, and Asian Paints.
“Markets are largely mirroring the world indices in absence of any major local trigger. And now all eyes are on the RBI and we feel that markets have already discounted the 25 bps point cut and the commentary on future trajectory would be more critical. Since we’re trading at record levels, the risk is certainly high thus traders should prefer hedged positions instead of outrights. Needless to say, a decline below 11,900 would pave the way for further profit taking in the Nifty. In case of surge, 12,200-12,300 zone would act as a hurdle,” Ajit Mishra, VP – Research, Religare Broking said.
The Asian stocks were trading sharply lower as the investors turned more anxious seeing no breakthrough coming soon in the ongoing US-China trade deal logjam.