Skip to main content

Sensex soars 684 points to end at near 3-year high

By
Sensex soars 684 points to end at near 3-year high

The BSE Sensex surged over 3 per cent on Thursday with the benchmark index marking its highest close in nearly three years, led by banks, after the U.S. Federal Reserve surprised the markets by sticking to its stimulus plan.

The NSE bank index jumped 6.75 per cent on hopes that after the Fed move the Reserve Bank of India would have greater flexibility if it wants to gradually roll back some of the cash tightening steps it initiated since mid-July.RBI Governor Raghuram Rajan is widely expected to keep the policy rate and the cash reserve ratio unchanged in his monetary policy review on Friday, according to a Reuters poll. The poll, which was conducted before the Fed decision, also expects the July cash tightening steps to be retained.

Analysts add that the Fed decision may lead to a resurgence of much needed portfolio flows into emerging markets like India. Foreign institutional investors have already bought more than Rs 7,500 crore worth of Indian shares over the previous 10 sessions.

"RBI can withdraw fully or partially some of the extraordinary liquidity tightening it had done to support INR, including ceiling on LAF and steep hike in MSF," said Motilal Oswal, chairman and managing director, Motilal Oswal Financial Services.

Speeding up financial sector reforms, too, would act as confidence and growth boosters, Oswal added.

The Sensex surged 3.4 per cent, or 684.48 points, to end at 20,646.64, after earlier rising as much as 3.9 per cent, marking its highest level since November 11, 2010.

The broader Nifty rose 3.7 per cent, or 216.10 points, to end at 6,115.55, marking its highest close since May 2013.

Bank shares surged on hopes the Reserve Bank of India, in its policy review on Friday, would ease some of its emergency cash tightening steps.Among state-owned banks, State Bank of India rose 8 per cent while Bank of Baroda surged 8.8 per cent.Shares in state-owned oil retailers also gained as a rally in the rupee against the dollar was seen easing concerns about higher cost of crude oil imports and dollar debt, dealers said.

Hindustan Petroleum Corp gained 3.6 per cent, Bharat Petroleum Corporation surged 6.5 per cent, while Indian Oil Corp rose 1.7 per cent.GMR Infrastructure rose 5.6 per cent, totalling a gain of 10.3 per cent in three sessions, after the company sold its majority stake in a highway construction unit for about $35 million to reduce its debt.Ranbaxy Laboratories gained 4.7 per cent on value buying, totalling a gain of 10 per cent in three consecutive sessions, after a ruling from the U.S. health regulator on its Mohali factory triggered the worst single-day fall in its stock on Monday, wiping off a third of its market value.

However, among decliners, Tech Mahindra fell 1.5 per cent after shares turned ex-dividend on Thursday.

Labels

Labels:

Comments

Post a Comment

Popular posts from this blog

Google Pixel, Pixel XL pre-orders open: Here are the unique features

By
Google Pixel, Pixel XL pre-orders open: Here are the unique features Google  Pixel and Pixel XL smartphones are available on Flipkart for pre-order. And it looks like Google is only bringing the ‘Quite Black’ colour variant to India for now, with ‘Very Silver’ and ‘Really Blue’ both not available in India yet. Google Pixel and Pixel XL with their premium pricing are set to compete with the likes of Apple iPhone 7, iPhone 7 Plus,  Samsung Galaxy S7  and Galaxy S7 edge. Google Pixel and Pixel XL are first ‘Made by Google’ smartphones, and come with Google Assistant in-built, which is also the highlight of the devices. Honor 8 First Look Video Google Pixel and Pixel XL have a aluminum and glass design. Google Pixel is priced at Rs 57,000 for 32GB version in India. The 128GB variant of Google Pixel costs Rs 66,000. Google Pixel XL is available at Rs 67,000 for 32GB stor...
Post a Comment
Read more

MS Dhoni’s return catch was big moment in the match: Kane Williamson

By
MS Dhoni’s return catch was big moment in the match: Kane Williamson New Zealand skipper Kane Williamson lauded his bowlers for drying up the runs during India’s chase in the second ODI here, terming Mahendra Singh Dhoni’s brilliant return catch by Tim Southee as a “big moment” in the match. When asked about how the bowlers and fielders responded while defending a low total, Williamson said: “Someone like MS Dhoni, he can finish matches when he is allowed to play his shots. He is the best in the world. That catch was big for us.” Williamson was happy with the manner his bowlers responded on a tricky surface and also gave an insight to how some adjustments led to the Indian skipper playing 37 dot balls. “On this kind of a surface (Kotla), scrapping was important. You needed to put the ball in areas where it’s tough to get away and try and build that pressure. It was an extremely good effort considering that the ball was damp due to dew factor...
Post a Comment
Read more

Mission Impossible – Rogue Nation

By
Mission Impossible – Rogue Nation: Film Review Thanks to a sharp script that springs a real surprise or two and a pace that never slackens, Mission: Impossible – Rogue Nation rates as the second-best of the numerous franchise titles of the summer, after Mad Max: Fury Road. Armed with an absorbing mystery plot that does more than just connect the dots between action set-pieces (the most outlandish of which is dispensed with in a Bond-like opener), writer-director Christopher McQuarrie maintains the uptick in M:I quality established by the last two entries, and should land this entry within the series' customary range of a half-billion bucks worldwide. Working with Tom Cruise for the fifth time (if you include his uncredited rewrite on the last M:I feature, Ghost Protocol), McQuarrie benefits dramatically from extending the IMF team's official ostracization to a point of total disenfranchisement from the American government; in an early scene, the CIA chief (Alec B...
Post a Comment
Read more