Sensex logs 1st gain in four sessions, soars 373 pts on auto, FMCG stocks rally
The Indian rupee appears to have stabilised a bit after recording a string of heavy losses last month. This recovery is driven by sharp drop in global crude oil prices and improving prospects for the domestic economy.
By : migrator
Update: 2018-11-26 11:50 GMT
Mumbai
Breaking its three-session losing spree, the BSE benchmark Sensex surged over 373 points on emergence of buying mainly in auto, FMCG and banking stocks as sustained recovery in rupee and moderate crude oil prices buoyed investor sentiments.
Similarly, the NSE Nifty rose nearly 102 points to regain the 10,600 level. Also, the benchmark indices gained tracking positive global cues and improving macro-economic scenario.
Analysts said that markets likely reacted to the positive backdrop, as well as indications that the NBFC credit squeeze is abating.
The Indian rupee appears to have stabilised a bit after recording a string of heavy losses last month. This recovery is driven by sharp drop in global crude oil prices and improving prospects for the domestic economy.
The 30-share Sensex gyrated over 500 points during the session, finally settling 373.06 points, or 1.07 per cent, higher at 35,354.08.
Similarly, the broader NSE Nifty jumped 101.85 points, or 0.97 per cent, to finish at 10,628.60.
Banking stocks rallied after the government's announcement of Rs 42,000 crore fund infusion in the state-owned banks by March-end.
Market analysts said recapitalisation announcement to PSU banks is likely to provide respite to current liquidity issues, which also boosted the sentiment.
Hero MotoCorp, HUL, Wipro, Asian Paints, Axis Bank, IndusInd Bank, Bajaj Auto, HDFC Bank, ITC, Bharti Airtel, TCS and Maruti led the gains on key indices, rising up to 5.02 per cent.
While, Yes Bank, ONGC, Sun Pharma, Vedanta, Coal India, Tata Steel and NTPC bucked the positive market trend, falling up to 3.89 per cent.
The rupee remained firm near 70.68 against the US dollar, as global crude prices slipped below the USD 60 per barrel mark.
On a net basis, foreign portfolio investors (FPIs) bought Rs 446 crore worth of domestic stocks on Thursday and domestic institutional investors (DIIs) were net buyers to the tune of Rs 49.68 crore, provisional data available with BSE suggested.
The broader markets, however, took a beating with BSE Smallcap falling 0.15 per cent and NSE Midcap ending flat.
Elsewhere in Asia, Hong Kong's Hang Seng surged 1.73 per cent, Korea's Kospi was up 1.24 per cent, and Japan's Nikkei rose 0.76 per cent. While, Shanghai Composite Index fell 0.14 per cent.
European markets too were strong in their late morning deals. Frankfurt's DAX was up 1.18 per cent, while Paris CAC 40 rose 1.31 per cent. London's FTSE too climbed 0.97 per cent.
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