Domestic markets touch fresh 52-week high; Sensex surges over 400 points
Fed Chair Janet Yellen on Friday said the case for a rate increase was strengthening, but provided little detail on when the Fed would next move.
The BSE-Sensex surged over 400 points on Tuesday touching a fresh 52-week high, following global cues and Reserve Bank of India's (RBI) latest annual report, which estimated India's growth at 7.6% this fiscal year.
The Sensex closed at 28,343.01, up 440.35 points, or 1.58% and Nifty ended at 8,744.35, up 136.90 points, or 1.59%.
On 30-share benchmark, among the top gainers were Bajaj Auto (4.12%), Maruti (3.20%), GAIL (2.54%), ICICI Bank (2.12%) and Sun Pharmaceutical (1.91%). Among losers were Bharti Airtel (-2.85%), Procter & Gamble Hygiene & Healthcare (-2.82%), Jubiliant Foodworks (-1.39%).
On BSE, most of the sectors auto, bank, realty, metal, capital goods, Oil & Gas were in green.
On the global front, Asian shares bounced as doubts the Federal Reserve really will hike rates as soon as September undermined the dollar, while investors continued to count on more policy stimulus elsewhere in the world, a Reuters report said.
Fed Chair Janet Yellen on Friday said the case for a rate increase was strengthening, but provided little detail on when the Fed would next move.
Yet while the initial market reaction was to push up the probability of a September hike to 44%, investors quickly had second thoughts and early Tuesday the implied chance was back at 36%, the report added.
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