Stock markets surge after four days of decline; Sensex jumps 447 points
Bharat Electronics, Power Grid, Tata Motors Passenger Vehicles, Asian Paints, Reliance Industries, and Bajaj Finserv among biggest gainers
Equity benchmark indices Sensex and Nifty surged on Friday after four days of decline in tandem with a rally in global markets as a lower-than-expected US consumer price inflation data for November reinforced expectations of further interest rate cuts by the Federal Reserve.
Fresh foreign fund inflows also drove the equity markets higher.
The 30-share BSE Sensex jumped 447.55 points, or 0.53 per cent, to settle at 84,929.36. During the day, it surged 585.69 points, or 0.69 per cent, to 85,067.50.
The 50-share NSE Nifty climbed 150.85 points, or 0.58 per cent, to 25,966.40.
From the 30-Sensex firms, Bharat Electronics, Power Grid, Tata Motors Passenger Vehicles, Asian Paints, Reliance Industries, and Bajaj Finserv were among the biggest gainers.
However, HCL Tech, Kotak Mahindra Bank, ICICI Bank, and Sun Pharma were the laggards.
In Asian markets, South Korea’s Kospi, Japan’s Nikkei 225 index, Shanghai’s SSE Composite index, and Hong Kong’s Hang Seng index settled in positive territory.
Equity markets in Europe were trading higher. US markets ended higher on Thursday.
“Investor sentiment remained steady and constructive, supported by favourable global cues as renewed optimism around further monetary easing by the US Federal Reserve—following lower-than-expected November inflation data—boosted global risk appetite.”
“A recovery in the Indian rupee against the US dollar further added to confidence, leading to broad-based buying through the session,” Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm, said.
Foreign Institutional Investors (FIIs) bought equities worth Rs 595.78 crore on Thursday, according to exchange data. Domestic Institutional Investors (DIIs) also bought stocks worth Rs 2,700.36 crore in the previous trade.
Brent crude, the global oil benchmark, dipped 0.40 per cent to USD 59.58 per barrel.
Logging its fourth day of decline on Thursday, the Sensex dropped 77.84 points or 0.09 per cent to settle at 84,481.81 in a volatile session. The Nifty ended flat, skidding 3 points, or 0.01 per cent, to 25,815.55.
