Live
- G20 Leaders Will Talk About Climate, Taxes, and Trump's Return in Brazil
- COP29: CDRI announces $8 million funding for 12 projects to address climate crisis
- Anti-Telgu remarks: Actor Kasthuri Shankar moves court for bail
- Samsung AR Smart Glasses Set to Launch in 2025, Featuring Ray-Ban Meta-Like Design
- Kerala Industries Minister confident that new policy will boost plantation sector
- Madras HC plans inter-departmental monitoring committee to combat drug use in TN
- Bihar: Spotted deer dies due to heart attack in Banka district
- Mushtaq Ali T20: Shami to spearhead Bengal bowling attack, Gharami named captain
- Kharge's clarion call to oust Maharashtra's BJP-backed MahaYuti
- Why Ukraine’s Use of US Missiles Against Russia Could Lead to World War 3
Markets zoom on monsoon hopes, low inflation
Stock markets zoomed to three-month high on Wednesday driven by forecast of above normal monsoon and inflation falling below five per cent. The two per cent rise in factory output also boosted the market sentiment.
Sensex up 481 points to hit 3-month high of 25,626.75
Mumbai: Stock markets zoomed to three-month high on Wednesday driven by forecast of above normal monsoon and inflation falling below five per cent. The two per cent rise in factory output also boosted the market sentiment.
The benchmark BSE Sensex zoomed 481.16 points as auto and banking stocks rallied on hopes of better rural sales and another rate cut by the RBI. With this, the barometer has erased all but 100 points from this year's losses, which had at one point plummeted to more than 3,000 points.
The Sensex stayed in the positive zone throughout the session and ended higher by 481.16 points or 1.91 per cent at 25,626.75, its highest closing since January 1. Recapturing the 7,800-level, the broader NSE Nifty hit a high of 7,864.80 before settling at 7,850.45, up 141.50 points or 1.84 per cent.
On the day, bullish global cues sparked by strong macroeconomic data from China and surging oil prices after reports of a deal between Russian and Saudi Arabia to cap the production played a part.
For the holiday-shortened week, Sensex and Nifty logged a hefty rise of 952.91 points or 3.86 per cent and 295.25 points or 3.76 per cent, respectively, halting two straight weekly slide.
Market will remain closed tomorrow and Friday on account of Ambedkar Jayanti and Ram Navmi, respectively. In stock specific action, Wipro finished 2.89 per cent up at Rs 584.60 after the company said its board would consider a proposal for buy-back of equity shares later this month.
Stocks of fertiliser, irrigation system and agri machinery manufacturers continued to hog the limelight for a second consecutive day, rising by up to 7 per cent, on forecast of above-normal monsoon this year.
From the auto pack, Mahindra & Mahindra jumped 7.40 per cent and VST Tillers Tractors rose 3.14 per cent. As many as 28 counters from the 30-share Sensex gained while laggards included Infosys and Adani Ports.
Gainers were M&M (7.40 pc), ICICI Bank (5.40 pc), Bajaj Auto (4.95 pc), BHEL (4.88 pc), Maruti (4.42 pc), Tata Motors (3.40 pc), Hero MotoCorp (3.33 pc), Wipro (2.89 pc), HUL (2.85 pc), Tata Steel (2.61 pc), ITC (2.57 pc), HDFC (2.17 pc), SBI (2.16 pc), RIL (1.75 pc) and Cipla (1.74 pc).
Among sectoral indices, auto rose 3.59 per cent followed by bankex (2.56 pc), finance (2.27 pc), metal (2.14 pc), FMCG (1.86 pc), realty (1.69 pc), power (1.37 pc), industrials (1.35 pc), energy (1.33 pc) and utilities (1.14 pc). The market breadth remained positive as 1,591 stocks ended higher, 1,091 closed lower, while 160 ruled steady.
Overseas, Asia ended higher after a latest data showed stronger-than-expected growth in China's exports. The Shanghai Composite settled 1.44 per cent higher, Hong Kong's Hang Seng rose 3.19 per cent, while Japan's Nikkei jumped 2.84 per cent after the yen weakened against the dollar. Europe was also higher with indices in France, Germany and the UK gaining by up to 2.53 per cent.
