Tuesday, September 6th, 2016

How the markets are fairing: Sensex jumps 445 points

Narada Desk | September 6, 2016 4:27 pm Print
The 30-share BSE index Sensex ended higher by 445.91 points or 1.56 percent at 28,978.02 and the 50-share NSE index Nifty ended up 133.35 points or 1.51 percent at 8,943.

BSE : The raging Bull

The benchmark BSE Sensex jumped 445 points and the broader NSE index rose over 1.5 percent to an 18-month high after tepid US payrolls data last week tempered expectations of a September rate hike by the Federal Reserve.

The sentiment was also boosted by gains in Asian stock markets as traders trimmed the probability of a Fed rate hike this month to 21 percent from 24 percent on Thursday, according to CME Group’s FedWatch program.

The domestic sentiment was also buoyed after the country’s services sector growth touched the highest level in over three-and-a-half years of 54.7 in August from 51.9 in July.

The 30-share BSE index Sensex ended higher by 445.91 points or 1.56 percent at 28,978.02 and the 50-share NSE index Nifty ended up 133.35 points or 1.51 percent at 8,943.

All BSE sectoral indices ended in the green. Among them, banking index gained the most by 2.96 per cent, consumer durables 2.94 per cent, auto 2.83 per cent and power 1.39 per cent.

Gainers, losers

Major Sensex gainers were Tata Motors (+7.19%), Axis Bank (+6.14%), ICICI Bank (+4.25%), Tata Steel (+3.25%) and Maruti (+3.04%), while the only four gainers were TCS (-1.17%), Coal India (-1.11%), Wipro (-0.11%) and ITC (-0.04%).

Foreign investors have been buying into Indian shares apart from those in other emerging markets this year, bringing the total net investments in the year to $6.05 billion.

“September rate hike talks have been put to rest now. Therefore, this liquidity-driven rally is expected to continue for the time being, which is comforting our markets,” said Pankaj Pandey, head of research at ICICI Securities.

Loading...