Domestic indices bounce back amid positive trends globally

PTI

Mumbai, October 4

Benchmark indices Sensex and Nifty bounced back on Tuesday to close over 2% higher on buying in banking, metal and IT shares amid positive trends in global equity markets.

SENSEX SPURTS

1,276.66 POINTS

RUPEE RISES TO 81.62 VS USD

CLOSES AT 58,065.47

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• The NSE Nifty climbed 386.95 points to end at 17,274.30
• IndusInd Bank, Bajaj Finance, TCS, Bajaj Finserv & HDFC were the major gainers.

The Sensex spurted 1,276.66 points to settle at 58,065.47 with 27 of its shares ending in green. During the day, it zoomed 1,311.13 points to 58,099.94. The Nifty rallied 386.95 points to end at 17,274.30 as 48 of its constituents advanced. Buying across sectors, led by metal, banking and IT, helped the indices rebound from previous session’s losses.

“Mirroring a robust overnight surge in Wall Street and upbeat domestic business data released by banks, the domestic market ended the day on a cheerful note. An unexpected slowdown in the US Manufacturing PMI gave hope that the US Fed would slow the pace of policy tightening,” Vinod Nair, Head of Research at Geojit Financial Services said.

US bond yields fell in tandem with the US dollar, he added.

Among the 30-share Sensex pack, IndusInd Bank, Bajaj Finance, Tata Consultancy Services, Bajaj Finserv, HDFC, Tata Steel, Larsen & Toubro, Wipro, HDFC Bank and Axis Bank were the major winners. Power Grid, Sun Pharma and Dr Reddy’s were the only laggards.

In the broader market, the BSE midcap gauge jumped 2.42% and smallcap index climbed 1.49%.

All the BSE sectoral indices ended in the green, with metal rallying 3.43%, services (3.08%), financial services (2.82%), bankex (2.74%) and IT (2.68%).

S Ranganathan, Head of Research at LKP securities said indices surged over 2% buoyed by positive global cues and encouraging quarterly updates on advances and collections from banks during the second quarter.

Positive tailwinds at home amid gloom elsewhere in the globe left Bears stranded as the Sensex vaulted past 58,000, he added.

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