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Reform push, global cues drive mkts up
Stock markets zoomed on Wednesday amid across-the-board buying frenzy as strong reform measures by the central government and robust global cues improved the market sentiment.
Sensex zooms by 576 points while Nifty gains 186 points
Mumbai: Stock markets zoomed on Wednesday amid across-the-board buying frenzy as strong reform measures by the central government and robust global cues improved the market sentiment.
Encouraging quarterly results and expectations of a good monsoon this year also made investors bolder. In a strong reform move, the Union Cabinet on Tuesday approved the first-ever policy for the country's capital goods sector envisaging creation of over 21 million new jobs by 2025.
The benchmark BSE Sensex opened strong at 25,432.10 and continued to rise to hit the day's high of 25,897.87. Finally, it settled at one-month high of 25,881.17, a gain of 575.70 points or 2.28 per cent - its biggest single-day gain since March 1. The 50-share NSE Nifty recaptured the 7,900-mark to hit a high of 7,941.20 before winding up at 7,934.90, a hefty rise of 186.05 points or 2.40 per cent.
Financials led the powerful rally followed by capital goods, technology, power, energy, realty and auto. Covering-up of pending short positions by traders ahead of the F&O expiry in the derivatives segment on Thursday predominantly supported the upside even as better-than-expected Q4 earnings result, too, weighed on trade.
As many as 29 scrips out of 30-share Sensex pack ended higher while just one stock closed lower. Major gainers were ICICI Bank (4.48 pct) followed by BHEL (4.34 pct), L&T (4.02 pct), Bajaj Auto (3.96 pct), Maruti (3.47 pct), SBI (3.30 pct), HDFC (2.87 pct), HDFC Bank (2.80 pct), Gail (2.76 pct), Asian Paints (2.74 pct), Axis Bank (2.67 pct), NTPC (2.46 pct) and TCS (2.40 pct).
However, shares of pharma major Cipla tumbled over seven per cent after the company's March quarter numbers came below market expectations and was the only loser witnessing a fall of 4.97 per cent. The market breadth turned positive as 1,579 stocks ended higher, 960 finished in red while 180 ruled steady. The total tunrover fell to Rs 2,323.39 crore from Rs 2,608.00 crore on Tuesday.
Overseas, barring China, most Asian markets closed on a firm note following strong Wall Street close overnight. Hongkong led the rally, surging 2.71 per cent, followed by Japan 1.57 per cent, South Korea 1.18 per cent, Taiwan 1.15 per cent and Singapore 0.60 per cent. European bourses are trading firmly higher .
