Dynamite News Sensex soars over 400 points; Nifty reclaims 11,500-mark
Benchmark indices ratcheted higher Thursday as banking, finance and IT stocks surged amid expiry of March series derivatives contracts.
Mumbai: Benchmark indices ratcheted higher Thursday as banking, finance and IT stocks surged amid expiry of March series derivatives contracts.
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The BSE Sensex vaulted 412.84 points, or 1.08 per cent, to close at 38,545.72, while the broader NSE Nifty settled at 11,570, higher by 124.95 points or 1.09 per cent.
Heavy short-covering on expiry of March series futures and options (F&O) contracts also buoyed investor sentiment, they added.
Global equities were mixed amid a fall in bond yields, underscoring recession fears.The 30-share Sensex, after a positive start at 38,208.30, stayed in the green throughout the session, with buying pace gathering momentum towards the end.
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Sensex zooms 425 pts amid global rebound; RIL shines
In the Sensex pack, gainers included HCL Tech, SBI, ITC, Bharti Airtel, Sun Pharma, Yes Bank, Axis Bank, TCS, Asian Paints, ICICI Bank, TCS, Bajaj Finance and Infosys, jumping up to 3.84 per cent.
"Benchmark indices outperformed the broader indices on the expiry day supported by banks and IT. Bank Nifty propelled to a new high in expectation of rate cut from RBI next week and recapitalisation of banks. Besides, the slide in India's 10-yr bond yield further raised the possibility of rate cut.
"Global economic growth concerns and Fed's dovish view on rates will give a positive impetus to emerging markets like India," said Vinod Nair, Head of Research, Geojit Financial Services.
Except metal and power, all BSE sectoral indices finished with gains, led by realty, teck, IT, bank and finance.
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Also Read: Rupee sheds 16 paise against US dollar in early trade
The rupee, meanwhile, depreciated 11 paise against the US dollar to 68.99 (intra-day).
Elsewhere in Asia, Hong Kong's Hang Seng climbed 0.16 per cent, while Japan's Nikkei fell 1.61 per cent, Shanghai Composite Index declined 0.92 per cent and Korea's Kospi slipped 0.82 per cent. (PTI)