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Markets soar on oil price rise, Q4 nos
Stock markets zoomed for the second day in a row on Thursday on rebound in crude oil prices and expectations of further economic reforms in the third year of the Modi government.
Sensex zooms 485 points to end at 7-mth high of 26,367
Mumbai: Stock markets zoomed for the second day in a row on Thursday on rebound in crude oil prices and expectations of further economic reforms in the third year of the Modi government.
Improvement in March quarter numbers on the last leg of the earnings season showed that the economy is gaining traction, which buoyed sentiment further. Oil broke past the $50 per barrel for the first time this year after data showed US crude inventory declined, which kept Asian markets too in good spirits. An appreciating rupee against the US dollar provided more ammo to investors.
The benchmark Sensex opened strong and surged further before settling at 26,366.68, a solid gain of 485.51 points, or 1.88 per cent. Thus, the premier barometer hit a seven month high. It ended at 26,552.92 points on November 4 last year. The index had gained 650.85 points in the previous two sessions on strong reform measures from the Centre and firm global cues. The 50-share NSE Nifty ended at 8,069.65, a hefty gain of 134.75 points, or 1.70 per cent.
As many as 22 scrips out of 30-share Sensex pack ended higher. L&T emerged as the top gainer by rising 14 per cent after the company reported an 18.5 per cent jump in consolidated net profit at Rs 2,453.6 crore for the March quarter. Other major gainers were SBI (4.91 per cent), BHEL (4.73 per cent), Axis bank (3.35 per cent) and ONGC (3.09 per cent).
Capital goods rose 8.78 per cent, followed by banking 2.22 per cent, realty 1.82 per cent and power 1.51 per cent. Mid-cap and small-cap too rose 1 per cent and 0.86 per cent, respectively, on increased buying by retail investors.The market breadth remained positive as 1,411 shares ended higher, 1,141 closed lower while 195 ruled steady. The total turnover fell to Rs 2,928.58 crore from Rs 2,323.39 crore on Wednesday.
Globally, Asian markets ended higher following an overnight surge on the Wall Street and a higher opening in Europe after crude oil topped $50 a barrel. Shares in China, Hong Kong, Japan and Singapore finished higher by up to 0.26 per cent. Key indices in France, Germany and the UK were higher by up to 0.28 per cent.
