Sensex Soars Over 600 Points, Nifty Above 10,700: 10 Points
- Trading between 5.27 per cent and 7.19 per cent higher, Hero MotoCorp, UPL, Bharti Airtel, Yes Bank, and Indiabulls Housing Finance were the top Nifty50 gainers.
- Forty six out of 50 Nifty stocks traded with gains.
- Investor sentiment got a boost after the appointment of former bureaucrat Shaktikanta Das as the new RBI Governor on hopes that he will now address liquidity concerns and could help state banks in their recapitalisation programme, brokers were quoted as saying in a report by news agency Press Trust of India.
- All sectoral indices traded in the green led by gains in bank, metal, auto and financial stocks.
- Technical experts said that traders should look for a stock-specific action. "The recent bearish rally has been caught near the 10,400-mark... We advise traders to go for a directional view on indices. One should look for the stock-specific action," said Dyaneshwar Padwal, AVP Technical Analyst, KIFS Trade Capital.
- Bonds rallied as the benchmark 10-year bond yield fell as much as 8 basis points to 7.45 per cent.
- The rupee, however, weakened slightly on the back of sharp gains in global crude oil prices, reported news agency Reuters. It traded at 72.03 per dollar versus its previous close of 71.84 after initially dropping as low as 72.20 at the open.
- Asian stock markets rallied as US President Donald trump sounded upbeat about a trade deal with China, while sterling struggled with the risk of an imminent party coup against British Prime Minister Theresa May.
- MSCI's broadest index of Asia-Pacific shares outside Japan advanced 1.2 per cent. Japan's Nikkei led the way with a jump of 2 per cent, while Shanghai blue chips trailed with just 0.2 per cent.
- On Tuesday, domestic institutional investors bought net equities worth Rs 2,255.68 crore, showed provisional NSE data. The Sensex had closed at 35,150.01 and the Nifty50 at 10,549.15. (With agencies inputs)
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