Domestic Market ended with strong gains; Sensex climbs 259 points, Nifty closes at 11,605
Benchmark domestic stocks closed with marginal gains amid positive global cues
Domestic share markets ended with strong gains for the second day on Wednesday, September 16, 2020, tracking positive global cues ahead of the US Federal Reserve's policy outcome. The market gained around 0.7 per cent.
The Sensex at Bombay Stock Exchange climbed 258.50 points, or 0.66 per cent, to close at 39,302.85. The Nifty at National Stock Exchange also rose 82.75 points, or 0.72 per cent, to settle at 11,604.55.
Similarly, Nifty Bank gained 107.90 points, or 0.48per cent, to close at 22,573.55. On the other hand, the broader markets at BSE underperformed the Sensex. The Mid-cap added 0.21 per cent and Small-cap gained 0.44 per cent up.
Buyers outpaced sellers. On Nifty 50, 29 shares advanced and 19 declined, while 2 remain unchanged. On the BSE, 1422 shares rose and 1306 shares fell.
Dr Reddy's (up 4.44 per cent), M&M (up 4.01 per cent), Hindalco (up 3.90 per cent), Bajaj Auto (up 3.52 per cent) and Britannia (up 3.05 per cent) were the leading gainers in Nifty 50 Pack. The top losers included IndusInd Bank (down 2 per cent), NTPC (down 1.65 per cent) and Bharti Infratel (down 1.14 per cent).
India's exports slipped 12.66 per cent to $22.7 billion in August, on account of decline in the shipments of petroleum, leather, engineering goods and gems and jewellery items, according to the government data. The country's imports too declined 26 per cent to $29.47 billion in August, leaving a trade deficit of $6.77 billion, compared to a shortfall of $13.86 billion in the same month last year, as per the data.
US Federal Reserve's Federal Open Market Committee (FOMC) will provide its quarterly update on its estimates for GDP, unemployment and inflation and could provide clearer guidance on what it will take to raise rates in the future.
Meanwhile, US industrial production slowed by much more than expected in August. The Fed said industrial production climbed by 0.4 per cent in August after soaring by an upwardly revised 3.5 per cent in July. A separate report from the Labour Department showed another notable increase in US import prices in August, with prices jumping by much more than expected.
The Bank of Japan and the Bank of England will announce their respective policy decisions on Thursday. Yoshihide Suga was elected as Japan's Prime Minister on Wednesday, becoming the country's first new leader in nearly eight years.