Sensex Jumps Over 600 Points, Nifty Crosses 10,800: 10 Things To Know
- At 2:19 pm, the 30-share benchmark index traded 549.81 points or 1.54 per cent higher at 36,141.06, and the Nifty was at 10,797.85, up 146.05 points or 1.37 per cent from the previous close.
- Top advancers on the 50-scrip index were Infosys, GAIL, Tech Mahindra, Kotak Mahindra Bank and Axis Bank, trading between 2.57 and 3.31 per cent higher.Â
- The Nifty Energy index was 1.95 per cent up at that time. Shares of Reliance Industries rose up to 2.3 per cent on the NSE.
- AK Prabhakar, head of research, IDBI Capital, attributed the spike in markets to "good results from large caps like Axis Bank" along with positive global cues. "Most important is there is no interest rate hike," he said on the outcome of the US central bank's policy meet.
- Asian stocks rose to a four-month high after Federal Reserve kept interest rates steady, while also discarded promises of "further gradual increases" amid signs of slowing global growth. MSCI's broadest index of Asia-Pacific shares outside Japan jumped 0.74 per cent.
- Analysts say investors are bullish ahead of the presentation of budget in Parliament on Friday. "I think there is an expectation of concession and swaps for markets and retail investors," said RK Gupta, managing director, Taurus Asset Management. "I think budget is going to be positive for the masses," he added.
- Global investors are also optimistic about the ongoing two-day high-level talks between the US and China aimed at settling a six-month trade war that has weakened both sides, shaken financial markets and clouded the outlook for the global economy.Â
- ICICI Bank shares gained up to 2.9 per cent on the NSE, a day after the private sector lender posted an improvement in asset quality and an investigation found former chief executive Chanda Kochhar had violated internal bank policies.
- Shares of NTPC rose up to 1.8 per cent on the NSE, a day after the power producer reported its earnings for the December quarter. Analysts awaited earnings announcements from large caps Bharti Airtel and Hero MotoCorp due later in the day.
- Meanwhile foreign portfolio investors (FPIs) net purchased shares worth Rs 130.25 crore on Wednesday, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 502.26 crore, according to provisional data available with the NSE.
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