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Markets zoom on value-buying, global cues
Indian stock markets surged on Monday on value-buying by investors in beaten down stocks. Rallies in global markets on the hopes of the US Federal Reserve maintaining status quo in interest rates also improved sentiment in domestic bourses.
Sensex adds 460 points to hit two-week high of 25,689 points
Mumbai: Indian stock markets surged on Monday on value-buying by investors in beaten down stocks. Rallies in global markets on the hopes of the US Federal Reserve maintaining status quo in interest rates also improved sentiment in domestic bourses.
Besides, a string of encouraging quarterly numbers so far raised expectations of an improvement in the economy. Sentiment was supported by lower-than-expected US April non-farm payroll numbers, as it meant the Fed would take longer time to raise interest rates.
The benchmark BSE Sensex resumed higher at 25,321.83 and shot up further to a high of 25,709.68 before ending at 25,688.86 - its almost two-week high - showing a gain of 460.36 points or 1.82 per cent. This is the index's biggest single-session gain since April 13. The NSE 50-share Nifty rose by 132.60 points or 1.71 per cent to close at 7,866.05.
Two-wheeler maker Bajaj Auto was the biggest gainer on the Sensex, climbing 3.78 per cent to Rs 2,527.95, while Axis Bank followed with a gain of 3.41 per cent to Rs 477.25. Out of the 30-share Sensex, 26 scrips ended higher. Major gainers also included ICICI Bank (3.28 pc), HDFC (3.12 pc), L&T (2.72 pc), ITC (2.38 pc), SBI (2.30 pc), Bharti Airtel (2.23 pc), NTPC (2.21 pc), Hero MotoCorp (2.19 pc), Asian Paints (2.00 pc) and HDFC Bank (1.89 pc). However, Dr Reddy's fell by 0.91 per cent followed by HUL (0.80 pc) and Tata Steel (0.12 pc).
Among BSE sectoral and industry indices, bankex rose 2.45 per cent followed by finance (2.35 pc), capital goods (1.86 pc), telecom (1.80 pc), realty (1.74 pc), auto (1.60 pc), teck (1.48 pc) and power (1.39 pc). Broader markets too were in a better shape with the BSE mid-cap rising 1.25 per cent and the mid-cap up 1.20 per cent. The market breadth turned positive as 1,673 stocks ended higher, 972 closed lower while 162 ruled steady. The total turnover rose to Rs Rs 2,467.95 crore from Rs 1,990.71 crore on Friday.
In Europe, gains were supported by a latest data showing German manufacturing orders rebounded sharply in March. Key indices from the continent, like in France, Germany and the UK, were higher by up to 1.85 per cent. Asian stocks ended mixed. The Shanghai Composite ended 2.79 per cent lower while Hong Kong, Japan and Singapore based shares finished higher.
